Thailand
Cambodia proposes RCEP secretariat to be set up in Phnom Penh
The Cambodian government has proposed for the establishment of the Regional Cooperation Economic Partnership (RCEP) secretariat in Phnom Penh.
The plan was announced by Prime Minister Hun Sen in his opening remarks at the 55th Asean Ministers’ Meeting at Sokha Hotel, Phnom Penh, yesterday.
Cambodia is planning to submit for the hosting of the secretariat, he said.
“We have even thought of where in Phnom Penh the secretariat should be located, while we are working to formulate our detailed proposal. I hope Cambodia can win the support of fellow Asean member states, as well as all RCEP participating countries when we submit our proposal officially,” the Prime Minister said.
The initiative is part of programmes and initiatives under the four broad strategies of the Asean Comprehensive Recovery Framework.
“In line with the broad strategy 3 that is to maximise the potential of Intra-Asean market and broader economic integration, I believe we do need to have a standalone secretariat as soon as possible, to coordinate effective implementation of the RCEP that came into force last January,” he said.
The RCEP, the world’s largest trade deal, has been applauded by the Asia-Pacific region as an important step towards deeper regional integration and a renewed worldwide momentum for free trade and multilateralism at a time of multiple global uncertainties.
Being the world’s largest trade bloc, the RCEP establishes a market of 2.2 billion people or 30 percent of the world population with a combined gross domestic product (GDP) of $26.2 trillion.
Cambodia’s total exports to other member countries of the RCEP totalled $3.28 billion in the first half of 2022, up 10 percent year-on-year, according to a report from the Ministry of Commerce.
Ministry of Commerce’s under-secretary of state and spokesman Penn Sovicheat said that RCEP implementation has contributed to the growth of Cambodia’s exports.
“Export to RCEP countries before 2022 was up, and since
put into force, the export has
further increased, meaning that
the RCEP contributes to an increase in exports,” he said.
The RCEP is a free trade agreement between the ten member states of the Association of Southeast Asian Nations (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam) and its five FTA partners (Australia, China, Japan, New Zealand and Republic of Korea).
Source: https://www.khmertimeskh.com/501125019/cambodia-proposes-rcep-secretariat-to-be-set-up-in-phnom-penh/