RCEP, BRI boost Cambodia`s socio-economic, trade development

The Regional Comprehensive Economic Partnership (RCEP) trade pact as well as Belt and Road Initiative (BRI) have played an important role in boosting Cambodia’s socio-economic and trade development.

Mr Kao Kosal, Director-General of the General Directorate of Trade Promotion at Cambodia’s Ministry of Commerce, said this on Friday.

Kosal said that RCEP, the Cambodia-China Free Trade Agreement (CCFTA) and BRI had laid a strong foundation for Cambodia and China to broaden their cooperation in economic, trade and investment.

The director-general made the disclosure at a Cambodia and south China’s Guangxi Zhuang Autonomous Region business forum in Phnom Penh.

“They have provided and will continue to provide great benefits to Cambodia’s socio-economic development in the long term.

“The BRI has created a new engine for global economic growth.

“For Cambodia, the BRI has played a vital role in helping promote infrastructure development as well as economic and trade growth,” he said.

The Director, Department of Public Relations and Promotion of Private Investment, Suon Sophal, said RCEP, CCFTA, BRI and Cambodia’s favourable investment law were key factors attracting Chinese investors to Southeast Asian nation.

Sophal said this at the Council for the Development of Cambodia meeting.

“With these free trade agreements and Cambodia’s favourable investment law in place, I believe that more Chinese investors will come and invest in Cambodia in coming years,” Sophal said.

The RCEP comprises 15 Asia-Pacific countries including 10 Association of Southeast Asian Nations member-states and their five trading partners, namely: China, Japan, South Korea, Australia and New Zealand.

Joseph Matthews, a Professor at the BELTEI International University in Phnom Penh, said RCEP had provided mutually-beneficial cooperation and win-win results for all participating countries.

“RCEP has not only promoted greater regional economic integration, but also underscored the unwavering commitment of all member-countries to free trade and multilateralism”, he told Xinhua.