Cambodia, Hungary Discuss Opportunities for Economic Cooperation Promotion
Phnom Penh, January 12, 2024 --Cambodia and Hungary have recently discussed progress on business and investment and the opportunities for promoting their bilateral economic and trade cooperation.The discussion was held between H.E. Ms. TEKRETH Kamrang, Secretary of State of the Ministry of Commerce, and Mr. Gábor Jenei, Chief Executive Officer of the Hungarian Export Promotion Agency (HEPA) in Budapest, Hungary on Jan. 10.According to the Cambodian Ministry of Commerce, during the meeting, the two sides exchanged several views and comments to promote trade and investment between both nations, especially in priority areas such as agriculture, manufacturing, digitalisation, and the support for small and medium enterprises (SMEs) to boost their exports, etc.The Cambodian side has also expressed her readiness to cooperate with HEPA to enhance bilateral trade cooperation between the two countries as outlined in the Second Session of the Cambodia-Hungary Joint Committee on Economic Cooperation
China’s Qingdao City to Encourage More Chinese Investors to Cambodia
Phnom Penh, January 08, 2024 --The city of Qingdao in China's Shandong province is committed to encouraging more Chinese investors to invest in Cambodia and strengthening cooperation in different fields with the Kingdom.H.E. Wang Luming, Chairman of the Standing Committee of the Qingdao People's Congress, expressed his stance in favour of investment promotion and increased cooperation during his meeting late last week in Qingdao with H.E. Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC).Executives of large companies in Qingdao, who wish to learn about investment opportunities in Cambodia, were also present on the occasion.H.E. Wang briefed the Cambodian DPM on the potential of his city, such as economic and industrial activities as well as the importance of research and development.For his part, H.E. Sun Chanthol emphasised the close and solid friendship between Cambodia and China which had enhanced their cooperation and brought numerous investments to Cambodia. China ranks first in foreign investment in the Kingdom, he stressed.At the initiative of Cambodian Prime Minister, Samdech Moha Borvor Thipadei Hun Manet, and Chinese President H.E. Xi Jinping, he added, the year 2024 was designated as the Year of People-to-People Exchange aimed at boosting the growth of Chinese tourists to Cambodia.
Cambodia and Vietnam Discuss Bilateral Trade and Investment Promotion
Phnom Penh, January 04, 2024 --Cambodia and Vietnam have discussed their intention to further promote their bilateral trade and investment.The discussion took place between H.E. Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia (CDC) and H.E. Nguyen Huy Tang, Vietnamese Ambassador to Cambodia, at the CDC office in Phnom Penh on Jan. 3.Both sides also exchanged views on the plan to arrange a working meeting between Cambodian and Vietnamese investors to learn more about investment potential in the two countries.Cambodia and Vietnam will be able to further boost their investment and trade exchange, said H.E. Nguyen Huy Tang, expressing his desire for Cambodian investors to invest in Vietnam.For his part, DPM H.E. Sun Chanthol informed his guest about the work of CDC which acts as an investment facilitator between the Royal Government of Cambodia and the private sector such as playing a coordinating role for Cambodian investors and their counterparts from other countries to meet and explore investment potential.In this regard, the CDC first vice president will examine the possibility for investors from Cambodia and Vietnam to meet to discuss investment opportunities.
Angkor Resort Records 798,069 Foreign Tourists, Generating Over US$37 Million in 2023
Phnom Penh, January 02, 2024 --Cambodia’s famed Angkor Archaeological Park received 798,069 foreign tourists in 2023, earning more than US$37 million from ticket sales, the state-owned Angkor Enterprise said on Monday.The figures show an increase by over 177 percent and 222 percent, respectively compared to 2022, it pointed out.Of the revenue, almost US$1.6 million was donated to Cambodia Kantha Bopha Foundation to support the humanitarian activities of the Kantha Bopha Children’s Hospitals, said the same source.In December alone, it added, the park attracted 98,073 foreign visitors, making over US$4.6 million in revenue from ticket sales.The entrance fee for a one-day visit to the park is US$37, a three-day visit costs US$62, and a week-long visit US$72.Located in northwest Siem Reap province, the Angkor Archeological Park, inscribed on the World Heritage List of the United Nations Educational, Scientific and Cultural Organisation (UNESCO) in 1992, is the most popular tourist destination in this Southeast Asian Kingdom.Covering the area of 401 square kilometres, the Angkor contains the magnificent remains of the different capitals of the Khmer Empire from the 9th to the 15th centuries, and it consists of scores of key temples such as the Angkor Wat, Bayon, Ta Prohm, Chau Say Tevoda and Ta Keo, among others.During the pre-pandemic era, in 2019, the Angkor Archaeological Park received up to 2.2 million international visitors, generating US$99 million in revenue from ticket sales, according to the Angkor Enterprise. By Phal Sophanith,
Vietnam's economy to grow 4.7% in 2023
Phnom Penh, December 29, 2023Vietnam's economy will grow by 4.7 percent in 2023 and 5 percent by 2024, according to the latest economic statistics report for Southeast Asia by the Chartered Accountants Institute in the UK and Wales and Oxford Economics. According to a release by Xinhua.The VietnamNet online newspaper reports that the medium-term outlook for the country's economy is forecast, but overall growth will remain below the pre-epidemic trend of 7%.The country has emerged as a major winner in the overhaul of the global supply chain, and global exports of goods should increase further in the medium term. Vietnam has set a growth target of 6–6.5 percent by 2024.
Cambodia Confident as Potential Investment Destination
Phnom Penh, December 26, 2023 --Cambodia has proven itself as a potential investment destination with positive growth trends, development, and reform, according to a recent report by the Royal Government of Cambodia.Cambodia's economic certainty was reaffirmed by the International Monetary Fund's (IMF) projection that the country's growth will reach 5.6 percent in 2023 and 6.6 percent in 2024.Based on the Foreign Direct Investment (FDI) Standouts Watchlist 2024, Cambodia has earned an index score of 96.11 out of 100.The government report continued that Cambodia is rich in a young workforce, which is a potential and important catalyst in the national economy as well as investment.The manufacturing sector in the country has maintained reasonable labour costs, and it sits strategically for exports to other countries around the world.It has also embarked on free trade agreements with ASEAN and other economies and offers an enabling environment for investments.In addition, Cambodia has modernised its physical infrastructure, including international airports, deep-sea ports, and land and water ways to address logistics costs.The Pentagonal Strategy of the government is also expanding and enhancing youth's technical skills, including digital knowledge and necessary soft skills.
Cambodia, Japan Discuss Special Economic Zone Establishment
Phnom Penh, December 26, 2023 --Inter-ministries and a Japanese delegation have discussed a study project on the establishment of Cambodia-Japan Special Economic Zone, aimed to encourage more Japanese investors to invest in Cambodia.The discussion took place here on Dec. 25 between H.E. Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia, and the delegation from Japan led by H.E. UENO Atsushi, Japanese Ambassador to Cambodia.The meeting was attended by H.E. Say Samal, Deputy Prime Minister, Minister of Land Management, Urban Planning and Construction, H.E. Keo Rottanak, Minister of Mines and Energy, H.E. Peng Ponea, Minister of Public Works and Transport, officials of relevant ministries and agencies and representatives of JICA Cambodia Office.The meeting focused on two major topics, including the expansion of Sihanoukville Autonomous Port to become a regional port, and the study and preparation of Cambodia-Japan Special Economic Zone, which will attract more Japanese investors to invest in Cambodia.Besides, the meeting also touched on the Comprehensive Intermodal Transport and Logistics Masterplan (CIT-MP) 2023-2033, which was jointly organised by the Ministry of Public Works and Transport and Supreme National Economic Council, with the support of key development partners.This master plan is designed by combining seven main master plans to be interconnected and to facilitate the transport of goods, passengers, and services within the country, the region, and the world.
China to Expand Assistance to NPIC in Technical and Vocational Training
Phnom Penh, December 22, 2023 --China has vowed to expand its assistance to the National Polytechnic Institute of Cambodia (NPIC) in Technical and Vocational Education and Training (TVET).The commitment was highlighted by H.E. Wu Yan, Deputy Minister of Education of the People's Republic of China, when visiting the NPIC here in Phnom Penh on Dec. 21.On behalf of the Chinese government, he said he would do his best to advance cooperation between the two countries on TVET.He also spoke highly of the leaders and teachers of NPIC for their efforts in providing vocational training to the Cambodian people.H.E. Pok Pan, Secretary of State at the Ministry of Labour and Vocational Training, welcomed the visit of H.E. Wu Yan to Cambodia, stressing that it reflects the close friendship tie between the two nations.The secretary of state thanked China for its assistance to TVET so far, indicating that it is crucial for NPIC to strengthen the training quality for Cambodian people and youth.
SME Bank, Cambodia Cashew Federation Sign MoU on Affordable Financial Schemes
Phnom Penh, December 06, 2023 --SME Bank of Cambodia and the Cambodia Cashew Federation have signed a Memorandum of Understanding with the aim of promoting the cashew processing sector and boosting the export of Cambodian processed cashew nuts to international markets.The MoU signing ceremony was held here on Dec. 5 in the presence of H.E. Dr. Lim Aun, Chief Executive Officer of SME Bank of Cambodia and Mr. An Dara, President of Cambodia Cashew Federation.Through this MoU, enterprises that are members of Cambodia Cashew Federation can apply for affordable financial schemes from SME Bank of Cambodia to expand their businesses.H.E. Dr. Lim Aun stated that the bank’s collaboration is a strategic initiative to bolster the growth of Cambodia’s cashew sector.“SME Bank of Cambodia views this MoU as a significant step towards addressing the challenges faced by the cashew industry, including processors and exporters, and propelling the cashew processing industry in Cambodia to new heights,” he emphasised.For his part, Mr. An Dara expressed his optimism regarding the signing of this MoU which focused on enhancement of the Cambodian cashew value chain, aligning with the national policy to foster the growth of the cashew sector.Furthermore, it aims to increase the export of processed cashew nuts successfully and sustainably to global markets, he added.Cambodia exported 422,482 tonnes of unprocessed cashew nut abroad in the January-November period of 2023, a decrease of 10.14 percent compared to the same period last year, according to a report from the Ministry of Agriculture, Forestry, and Fisheries.
MOC: Cambodia exports total goods worth 20 billion US dollars, up 4.08% compared to the first 11 months of 2022
"Total exports were over 21,992 million US dollars, an increase of 4.08% compared to the first 11 months of 2022," said Cham Nimmol. The Minister of Commerce of Cambodia made the remarks at the closing ceremony of the meeting to summarize the business results of 2023 and raise the work direction for 2024 under the presidency of Samdech Hun Sen, Prime Minister of Cambodia, on the afternoon of December 22, 2023. "The RCEP market is an important market for Cambodia, accounting for about 61.06% of Cambodia's total trade volume," she said. "The revenue collected in the first 11 months of 2023 is more than 53.578 million riels (equivalent to 102.09% of the budget law)," she said. The total expenditure in the first 11 months of 2023 was more than 90669 trillion riels (equivalent to 87.72% of the budget loans provided). She also said that the international trade volume in the first 11 months of 2023 was more than 43.51 billion US dollars, of which total exports were more than 21.992 million US dollars, an increase of 4.08% compared to the 11 months of exports in 2022.
MB Bank (Cambodia) PLC, honored as one of the "Best Companies to Work for in Asia 2023" by HR Asia
Phnom Penh,13-12-2023MB Bank (Cambodia) PLC, a subsidiary of the MB Group, proudly announces its recognition as one of the "Best Companies to Work for in Asia 2023" award conferred by HR Asia in Kuala Lumpur, Malaysia. This prestigious award underscores the company's commitment to outstanding human resource practices, high levels of employee engagement, and an exemplary workplace culture.The HR Asia Best Companies to Work for in Asia Award is a distinguished program that identifies Asia's top employers, emphasizing exceptional HR practices and fostering workplace cultures that prioritize employee well-being. The award is highly regarded and draws participation from leading businesses across the region. This year's theme, "Celebrate Diversity, Equity, and Inclusion," reflects HR Asia's commitment to recognizing workplaces that champion these values.MBCambodia competed with 84 companies in Cambodia for the coveted title, with 11,921 survey participants contributing their insights and experiences. This extensive participation highlights the commitment of organizations in Cambodia to prioritize employee satisfaction and well-being.Mr. Nguyen Anh Khanh, CEO of MBCambodia, expressed gratitude for the recognition, stating, "This award is a testament to our ongoing efforts to create an exceptional workplace where our employees thrive. At MBCambodia, we believe that a positive work environment fosters innovation, efficiency, and trust, ultimately contributing to our mission of revolutionizing banking in Cambodia." We could not have received this award without the contributions of our employees to the improvement of our working environment, and we hope that we can continue this positive path together.MBCambodia has been presence in Cambodia since 2011, initially as a sub-branch of MB Bank in Vietnam, before transitioning to operate as a commercial bank in early 2023. As a subsidiary of the MB Group, MBCambodia leverages expertise, MB Bank's support, and a culture of innovation to deliver fast and convenient banking solutions, aligning with the vision and mission to maximize the growth of Cambodian's wealth.In addition to its business endeavors, MBCambodia prioritizes human resources, aspiring to be the Employer of Choice in the Cambodian market. The company actively engages employees through initiatives like training, team building, and town hall meetings, fostering a strong commitment to comprehensive HR policies, digitalization, and recognition programs. MBCambodia prioritizes employee well-being with transparent performance management, promotion opportunities, bonuses, 13th-month salaries, referral programs, and learning and development initiatives. The company ensures a fair, diverse, and safe workplace, upholding fair recruitment practices and implementing safety measures."At MBCambodia, we are committed to providing the best service and working culture to our employees. This award reaffirms our dedication to creating an environment where our team members thrive and contribute to the success and growth of our organization," added Mr. Mr. Nguyen Anh Khanh,MBCambodia extends its gratitude to HR Asia for this prestigious recognition and looks forward to continuing its commitment to excellence in human resource practices and workplace culture.About MB Bank (Cambodia) PLC:MB Bank (Cambodia) PLC, a subsidiary of the MB Group, is a leading commercial bank in Cambodia. Since its establishment in 2011, MBCambodia has been at the forefront of delivering innovative banking solutions to maximize the growth of Cambodian wealth. The company is committed to fostering a positive work environment and prioritizing the well-being and development of its employees.
Cambodia's exports to RCEP countries reach more than $ 7 billion, up more than 27% in the first 11 months of this year
Phnom Penh: The Minister of Commerce said that Cambodia's trade volume with the signatories of the Regional Comprehensive Economic Partnership Agreement (RCEP) reached 26.57 billion US dollars, including exports of $7.21 billion, an increase of 27.29%.The Minister of Commerce, Ms. Cham Nimmol, said this while presiding over the opening ceremony of the 2023 Business Review Meeting and the 2024 Business Implementation Goals. The conference will be held for two days from December 21-22, 2023 at the Ministry. The Minister of Commerce said that the RCEP market is an important market for Cambodia, accounting for about 61.06% of Cambodia's total trade volume.At the same time, Ms. Chamnimol said that the Ministry of Commerce is committed to continuing its efforts to promote the business sector by continuing to deepen reforms and improve the quality of the Ministry's public services through automatic systems, reducing costs and time, stabilizing prices, and boosting domestic trade, market development, and private sector development, as well as continuing to build and amend trade-related laws and regulations to facilitate and create a favorable environment for business and investment, as well as strengthen the competitiveness of Cambodian exports to international markets.Cambodia's five main trading partners under the RCEP are China, Vietnam, Thailand, Singapore, and Japan. Cambodia's main exports are agricultural products, spare parts, auto parts, electronics, electronics and textiles, garments and footwear. Most of the goods that Cambodia imports are raw materials, textiles, garments, fuel, construction materials, foodstuffs, daily necessities, vehicles, machinery, electronics, clothing, medicine and medical equipment, and cosmetics.
More Investments on Agriculture and Processing Industry Encouraged
Phnom Penh, December 19, 2023 --Cambodia has urged Japan to invest more in Cambodia, especially in agriculture, processing industry, textiles and manufacturing, tourism, technology, and education.The call was made by H.E. Mrs. Cham Nimul, Cambodian Minister of Commerce, during a meeting with H.E. Saito Ken, Minister of Economy, Trade and Industry of Japan, in Tokyo, Japan, on Dec. 18.H.E. Mrs. Cham Nimul emphasised the significance of the Japanese private sector's participation in Cambodia's economic development, particularly in job creation, trade, and industrial diversification in the country.H.E. Mrs. Cham Nimul and H.E. Saito Ken noticed the two-way trade flow so far and exchanged views to further promote businesses and bilateral trade.Both sides also pledged to foster the implementation of the ASEAN-Japan Comprehensive Economic Partnership Agreement and the Regional Comprehensive Economic Partnership (RCEP) in order to broaden relations and economic collaboration between the two countries.
Japan Provides Almost US$1.4 Million for Reconstruction Support with Cluster Munitions Disposal and Demining in Two Provinces
Phnom Penh, December 20, 2023 --The Government of Japan will provide US$ 1,390,117 in total to implement two projects - ‘Reconstruction Support with Cluster Munitions Disposal in Stung Treng: RSCS (Year 3)’ and ‘Reconstruction Support with Demining in Banteay Meanchey: RSDB (Year 3)’.The Grant Contract was signed here on Dec.19 between H.E. UENO Atsushi, Ambassador of Japan to Cambodia and the representatives of Japan Mine Action Service (JMAS), the recepient organisation.“We believe that the grant assistance will improve the quality of life for people in the project area," the Embassy of Japan in Cambodia said.The grant was made under the framework of the Grant Assistance for Japanese NGO Projects.
Cambodia-Japan Trade Volume Reaches US$1.6 billion in January-November Period
Phnom Penh, December 15, 2023 --Bilateral trade volume between Cambodia and Japan reached a total of US$1.63 billion in the first 11 months of 2023, down about 7.9 percent compared to the same period last year.From January to November 2023, Cambodia exported a total of US$1.06 billion worth of goods to Japan, down 0.3 percent year on year, a General Department of Customs and Excise's report showed.At the same time, Cambodia's imports from Japan dropped by 19.3 percent to about US$573 million, the report pointed out.The Kingdom's main exports to Japan include garments, bags, footwear, furniture, paper, and leather products, while its imports consist of machinery, automobiles, electronics, furniture, fabrics and plastics.The two-way trade is expected to be further boosted through the trip of Samdech Moha Bovor Thipadei Hun Manet, Prime Minister of Cambodia, to Japan from Dec. 15 to 19, 2023.Samdech Thipadei Hun Manet will hold a bilateral summit meeting with H.E. Kishida Fumio, Japanese Prime Minister, on the sidelines of the Commemorative Summit for the 50th Year of ASEAN-Japan Friendship and Cooperation and its related programmes in Tokyo.Both leaders will discuss the strengthening and deepening of the Comprehensive Strategic Partnership between Cambodia and Japan for more tangible benefits for the two peoples. They will also exchange views on regional and international issues of common interest and concern.In addition, the two Prime Ministers will witness the signing of exchanges of notes on Japanese grant aid for three projects related to hydrography, water supply, and e-government as well as other cooperation documents in the fields of digital, banking and energy.Japan is Cambodia's fifth largest trading partner after China, the United States of America, Vietnam and Thailand.
The Minister of Economy and Finance Gives Several Recommendations for the Rural Development and Agricultural
Phnom Penh, December 14, 2023 --Speaking at the celebration of the 25th anniversary of the establishment of the Rural Development and Agriculture Bank on December 13, 2023, H.E Aun Porn Moniroth, who is also Deputy Prime Minister, outlined his advice for the Bank to implement. The recommendations are as follows:First: Setting out detailed measures and action plans in accordance with its jurisdiction, in close cooperation with the relevant ministries and institutions in order to obtain good results of the tasks assigned by the Royal Government.Second: Participating in the process of preparing, monitoring and evaluating the implementation of policies and strategies of the Royal Government related to agriculture and rural development in order to have more opportunities to regulate the Bank's products and activities more comprehensively.Third: Mobilizing more investment from the private sector to be integrated into the agricultural value chain to contribute to the development of support infrastructure before and after the harvest, cooperating with relevant ministries and institutions to solve market problems for farmers, to contribute to the promotion and processing of agricultural and agro-industrial products.Fourth: Contributing to improving the financial environment and promoting the expansion of digital banking services in line with the digital business development policy through additional investment in digital infrastructure and new product development.Fifth: Promoting the diversification of lending by region and priority sector by increasing the promotion of services closer to customers.Sixth: Promoting green financing to ensure sustainable development through the provision of additional benefits or special conditions.Seventh: Participating in the development of business of farmer producers by supporting their families to become entrepreneurial and by providing loans for the expansion and promotion of agricultural production.Eighth: Mobilizing additional resources from potential sources, especially from large deposit sources and Ninth: Improving the efficiency of the Bank's operations through additional skills training as well as the establishment of an appropriate incentive system for officers and staff at all levels, coupled with the strengthening of work disciplines.
China, Vietnam agree to expand bilateral trade
China and Vietnam have agreed to take concrete steps to expand bilateral trade in a balanced and sustainable manner. According to a joint statement issued during a state visit to Vietnam by Xi Jinping, Secretary-General of the CPC Central Committee and President of the People's Republic of China, the two countries will play a full role of the Regional Comprehensive Economic Partnership (RCEP) and the China-ASEAN Free Trade Area, as well as strengthening cooperation on the China International Import and Export Fair, the China-ASEAN Expo, the China Import and Export Fair to expand exports. China will actively promote the procedure for obtaining Vietnamese agricultural products, including fresh coconuts, frozen fruits, oranges, avocados and other fresh fruits, medicinal plants and meat products, while Vietnam will actively promote imports of chinese sturgeon.Vietnam supports China's participation in the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership on the basis of compliance with standards and procedures, the statement said. The two sides will work together to implement the RCEP and promote regional economic connectivity.
Cambodia Plans to Raise US$100 Million from Local Funds
Phnom Penh, December 13, 2023 --The government plans to raise funds through government bond issuance with a total of US$100 million next year for financing public investment, according to the budget bill 2024.The fund will be raised via the National Bank of Cambodia Auction Platform (NBCP).“The Royal Government issues government bond for financing projects that can provide direct revenue to the government and provide quick returns to ensure sustainable investment efficiency in managing public debt and the national budget,” read the bill, which was promulgated last week.Government bonds are considered to be low-risk investments, as they are backed by the government.This is the third year of government bond issuance. In 2023, the government decided to issue them for the first time in a budget of US$200 million.Cambodia’s public debt stood at US$10.72 billion by the end of the first half of this year, according to a report of the Ministry of Economy and Finance.
Westerdam to Bring 4,000 Tourists to Cambodia Late This Month
Phnom Penh, December 13, 2023 --A cruise ship named "Westerdam" will revisit Cambodia late this month, bringing along about 4,000 international tourists to the country.The ship is scheduled to arrive at Sihanoukville Autonomous Port in Preah Sihanouk province on Dec. 28.On Feb. 13, 2020, during the COVID-19 outbreak, Cambodia authorised the cruise ship to dock at Sihanoukville Autonomous Port after it was declined by ports in many countries due to suspicion that people on the ship were infected with the deadly disease.Back then, the ship carried 1,455 multinational passengers and 802 crew members.It had spent 12 days on the ocean before docking at Cambodia's port, thanks to the kind heart of former Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen.The return of the cruise ship will be warmly welcomed by Cambodia.
Cambodia’s Exports Reach US$20.5 Billion in First 11 Months
Phnom Penh, December 12, 2023 --Cambodia’s exports topped US$20.49 billion in the January-November period of this year, an increase by 1.2 percent compared to the same period last year, a report of the General Department of Customs and Excise showed.The top five export destinations for Cambodia during the said period are the United States of America, Vietnam, China, Thailand and Japan.The U.S. remained the Kingdom’s biggest market during the first eleven months of this year with exports worth US$14 billion, a year-on-year decrease of 0.9 percent.Exports to Vietnam rose by 37.8 percent, from US$1.89 billion to US$2.61 billion, while those to China saw a surge by 18.5 percent to US$1.31 billion.The country’s main products exported were apparel, footwear, travel goods, bicycles, and agricultural products such as rice, rubber, cassava, bananas, and mangoes.The garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia. The sector consists of roughly 1,133 factories and branches, employing approximately 840,000 workers, mostly female.The Regional Comprehensive Economic Partnership (RCEP)’s trade preference has the effect of stimulating more cross-border trade, investment and flows of people, H.E. Sok Siphana, Senior Minister in Charge of International and Multilateral Trade and Economic Relations.“RCEP has given a big market access to Cambodia’s products and is the source of Cambodia’s sustainable economic development in years to come,” he said in a lecture on “Analysis of Legal Aspects of Regional Comprehensive Economic Partnership Agreement, at the Ministry of Information on Nov. 21.RCEP, which came into effect in 2022, comprises 15 Asia-Pacific countries including the 10-member Association of Southeast Asian Nations (ASEAN) and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.Meanwhile, Cambodia’s total imports came down by 5.4 percent to US$22 billion, the report pointed out.The country primarily imports raw and construction materials, automobiles, pharmaceuticals, electronic equipment, fertilisers and pesticides.