Vietnamese Prime Minister Nguyen Xuan Phuc (L) and Minister of Industry and Trade Tran Tuan Anh, together with leaders of other RCEP member countries, witness the pact signing via videoconference on November 15 (Photo: VNA)Phnom Penh (VNA) – The signing of the Regional ComprehensiveEconomic Partnership (RCEP) agreement is a boon for not only Asia, but also therest of the world, Cambodian academics said.
Mey Kalyan, senior advisor to the Supreme National EconomicCouncil, said the agreement is important when global economy is losing out itsbalance due to the pandemic, protectionism and unilateralism.
"At the time when COVID-19 is still threatening our lives inthe region and in the world, signing this RCEP is one of the epoch-makingevents in Asia, which will have good impact not only in Asia, but also in theworld," he was quoted in a story by Xinhua News Agency published by theKhmer Times on November 18.
Kalyan, who is also chairman of the Cambodia Development ResourceInstitute, said the agreement would provide a long-term benefit to allparticipating countries including Cambodia.
Meanwhile, Neak Chandarith, director of the Cambodia 21st CenturyMaritime Silk Road Research Centre, said the RCEP is more liberalized thanASEAN 1 FTAs and the WTO's most-favored-nation (MFN) commitments.
For Cambodia, the trade agreement is the first-ever trade dealthat enables the kingdom to enjoy an almost-free market access to a combinedmarket. Once the pact takes effect, Cambodia’s trade in goods will increase andthe country will welcome more investment inflows.
Cambodia expects that the agreement will promotes its bargaining power in otherbilateral FTAs with RCEP and non-RCEP members, he added.
Chandarith said the RCEP would promote trade and attractinvestments to all participants in ASEAN indeed, but the extent to which eachparticipant could enjoy varies.
Joseph Matthews, senior professor at the BELTEI International University inPhnom Penh, said the mega trade deal would definitely play an important andpositive role in promoting trade and investment in Asia-Pacific countries andhelping boost global economic confidence.
He stressed the RCEP would be a major force shaping thedevelopment of the world's economy in the post-COVID-19 era.
Leaders of 15 RCEP participatingcountries signed the long-awaited free trade agreement (FTA) at the fourth RCEPsummit on November 15 in the framework of the 37th ASEAN virtual summit.
Initiated by the Association of Southeast Asian Nations (ASEAN) in2012, the RCEP is a mega-trade pact between its 10 member states (Brunei,Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore,Thailand and Vietnam) and its FTA partners, namely China, Japan, the Republicof Korea, Australia, and New Zealand.
The RCEP deal upon ratification will be the largest trade agreement in theworld, creating a market of 2.2 billion people (approximately 30 percent of theworld’s population), with a GDP of close to 26.2 trillion USD representingabout 28 percent of the world trade, based on 2019 data./.
VNA
