RCEP to stimulate economic recovery in post-Covid era: Cambodian PM

Phnom Penh, Aug 8 (IANS) Cambodian Prime Minister Hun Sen said on Monday that the Regional Comprehensive Economic Partnership (RCEP) free trade agreement, which entered into force earlier this year, will be a booster for regional and global economic recovery in the post-Covid era.

In a video message to mark the Association of Southeast Asian Nations (ASEAN) Day which was broadcast on the state-run National Television of Cambodia (TVK), Hun Sen said the full and effective implementation of the RCEP agreement is a priority, reports Xinhua news agency.

RCEP will stimulate economic recovery in the post-pandemic era, create jobs, and strengthen the supply chain in the region and the world as a whole, he said.

"As the chair of ASEAN 2022, Cambodia will work closely with RCEP countries to promote the full and effective implementation of the RCEP agreement to further intensify the facilitation of cross-border trade movements," he added.

The RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

Being the world's largest trade bloc, RCEP established a market of 2.2 billion people or 30 per cent of the world population with a combined Gross Domestic Product (GDP) of $26.2 trillion, which represents around 30 percent of global GDP and 28 per cent of global trade.

According to an Asian Development Bank's study, the RCEP will increase the member economies' incomes by 0.6 per cent by 2030, adding $245 billion annually to regional income and 2.8 million jobs to regional employment.