February 28, 2022
PHNOM PENH – Cambodia is ranked third after Vietnam and Malaysia in terms of revenue increase within Regional Comprehensive Economic Partnership (RCEP), according to a World Bank research titled “Eliminating the Economic and Distributional Impacts of the RCEP”.
The research also showed that Cambodia’s export growth of 6.5 per cent came in third while Vietnam recorded the highest jump at 11.4 per cent, followed by Japan at 8.9 percent.
The 46-page report, which outlined potential global economic scenarios through 2035, focussed on the effects of the implementation of the RCEP, which was signed by 15 countries in November 2021.
The plurilateral free trade agreement – the world’s largest trade pact – also marked a significant achievement for China as it deals with challenges resulting from a trade war with the US.
With the support of China, the world’s second-largest economy, RCEP is expected to boost trade relations among nations within Asia-Pacific.