Thailand
Cambodia: RCEP, CCFTA provide economic opportunities for Kingdom
A majority of the panellists at a recent international conference observed that both the Regional Comprehensive Economic Partnership (RCEP) and the Cambodia-China Free Trade Agreement (CCFTA) have the potential to provide economic opportunities for Cambodia.
The Asian Vision Institute (AVI), an independent think tank based in Cambodia, held the conference at Hyatt Hotel in Phnom Penh on Friday.
AVI chairman Dr Sok Siphana said the conference aimed to build public awareness of the two trade agreements.
Sim Sokheng, Secretary of State, Cambodia Ministry of Commerce, who delivered the keynote speech, reiterated the commitment to opening trade, expanding market access and promoting the ease of doing business in the country.
Sokheng, who shared a recent study showing Cambodia’s export doubling from 9.4 percent to 18 percent, noted that the trade investment grew 23 percent.
Wu Guoquan, Commercial Counsellor, the Embassy of the People’s Republic of China, pointed out the strong trade relations between China and Cambodia in transportation, tourism and e-commerce, resulting in higher income, infrastructure connectivity and sustainability.
The panel of speakers include Kavi Chongkittavorn, Senior Fellow, Institute of Security and International Studies, Chulalongkorn University, Thailand; Dr Zhou Shixin, Head, Department of Neighbouring Diplomacy, Institute for Foreign Policy Studies; Liu Siyuan, Third Secretary, Embassy of the People’s Republic of China in Cambodia; Dr Hing Vutha, Former Specialist in Trade, CDRI; Dr Chheng Kimlong, Vice President, AVI; Khuon Virak, Deputy Director General of Directorate General of International Trade, Ministry of Commerce; Seang Sopagna, President of the Young Entrepreneurs Association of Cambodia; and Lim Keanghuoy, Representative of the Federation of Khmer-Chinese in Cambodia.
The panellists highlighted the role of RCEP as a catalyst for domestic trade for Cambodia in particular and the region in general. The RCEP’s population now is 2.2 billion, 30 percent of the global GDP, and 28 percent of total trade.
Chongkittavorn opined that three key areas in global trade have to be considered, including rule-based trade, market access and economic competition.
The panel discussion on CCFTA tackled the importance and benefit of the trade agreement. Liu Siyuan pointed out that Cambodia received one of the highest preferences offered by China in terms of trade, tourism, e-commerce and infrastructure connectivity. In the first quarter of this year, there was a 30 percent increase in trade between the two countries.
Sixty-five participants attended the meet, while more than 50 participated online. The participants included representatives from the Cambodian Ministry of Commerce, National Assembly, National Bank, Ministry of Interior, Ministry of Foreign Affairs and Senate. The event also saw participation from MSMEs, the services sector, young entrepreneurs, academic institutions, scholars, experts and observers from the region.
The event was sponsored by the Embassy of the Republic of China.
Source: https://www.khmertimeskh.com/501063772/rcep-ccfta-provide-economic-opportunities-for-kingdom/