Cambodia's trade within the Regional Comprehensive Economic Partnership (RCEP) surged to over $26.5 billion between January and November this year, constituting 61% of the nation's total international trade, valued at $43 billion during this period, according to a Ministry of Commerce report released.
The report highlighted a notable 27.29% YoY increase, reaching $7.21 billion, in Cambodia's exports to RCEP countries during the same period. Minister of Commerce Cham Nimol expressed the ministry's commitment to bolstering trade, citing RCEP as a pivotal market, contributing significantly to Cambodia's economic growth.
Emphasizing ongoing governmental reforms facilitating small and medium enterprises, Nimol underscored Cambodia's sustained export growth and job creation. The RCEP free trade agreement, operational since January 1, 2022, includes 15 Asia-Pacific nations, with Cambodia among the 10 ASEAN members.
Senior Minister Sok Siphana lauded RCEP's impact on Cambodia's exports, citing substantial market access and its pivotal role in the nation's sustainable economic development. Cambodia's primary exports include garments, machinery, footwear, leather goods, and agricultural products, with the garment and footwear industry being the largest contributor to foreign exchange earnings, employing around 840,000 workers.
