RCEP expected to increase regional trade volume by 40 billion USD
Some studies by major international institutions have shown that a full-pledged implementation of the Regional Comprehensive Economic Partnership Agreement will boost trade volume by around 40 billion USD, Cambodian Prime Minister Samdech Techo Hun Sen has said.
Phnom Penh (VNA) - Some studies by major international institutions have shownthat a full-pledged implementation of the Regional Comprehensive EconomicPartnership Agreement will boost trade volume by around 40 billion USD,Cambodian Prime Minister Samdech Techo Hun Sen has said.
Speaking at aHigh-Level Forum on the 10th Anniversary of the Regional Comprehensive EconomicPartnership (RCEP) Agreement in Phnom Penh on November 2, Hun Sen said, withthe rise in the trade volume, real income will increase by up to 2.5%, upswingtrade activities amongst RCEP members by 12.3% and help uplift the livelihoodof an additional 27 million people into the middle class for the RCEP region by2035 while RCEP is estimated to increase global incomes by up to 263 billion USD.
ForCambodia, a study by the Economic Research Institute for ASEAN andEast Asia (ERIA) in early2022 showed that Cambodia’s gross domestic product (GDP) could rise by around 2%to 3.8%, exports would grow between 9.4% to 18%, job opportunities wouldincrease by 3.2% to 6.2% annually and tax revenue could increase by 2% to 3.9%per annum while the overall investment could increase by around 23.4%, he said.
RCEP is afree trade agreement among the Asia-Pacific nations of Australia, Brunei,Cambodia, China, Indonesia, Japan, the Republic of Korea, Laos, Malaysia,Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. The 15member countries account for about 30% of the world’s population, with 2.2billion people./.
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