Cambodian Parliament ratifies RCEP

Commerce Minister Pan Sorasak said the Cambodian government has projected that the RCEP accord will boost the country’s gross domestic product (GDP) by 2 percent, exports by 7.3 percent, and investment by 23.4 percent.

The National Assembly of Cambodia has ratified the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement (FTA), which comprises 15 Asia-Pacific countries.

Ninety-three lawmakers, who were present during the parliamentary session on Wednesday, unanimously adopted the pact, which will be next reviewed by the Senate before being submitted to King Norodom Sihamoni for endorsement, reports Xinhua news agency.

Signed on November 15, 2020, the RCEP is a mega trade deal between 10 ASEAN member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and its FTA partners, namely China, Japan, South Korea, Australia, and New Zealand.

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