Delegates attended the 2020 RCEP meeting in November (Photo: VNA) Phnom Penh (VNA) – Therecently-signed Cambodia-China Free Trade Agreement (FTA) and the RegionalComprehensive Economic Partnership (RCEP) free trade pact are expected to be akey driver to reboot Cambodia's economic growth in the post-COVID-19 era.
Cambodia signed the bilateral FTA withChina on October 12 and the RCEP trade pact with 14 other Asia-Pacificcountries on November 15.
Spokesman for the Cambodian government PhaySiphan said the two pacts will greatly contribute to boosting Cambodia'seconomy and improving the people's livelihoods when they enter into force.
The two agreements show the countries’unity towards a community of common destiny, he said in a recent interview withChina’s Xinhua news agency, adding that they will provide Cambodia greatermarket access with no tariff barriers.
Cambodia’s Ministry of Commerce secretaryof state and spokesman Seang Thay said through the two trade deals, the ties ineconomics, trade and investment between Cambodia and China as well as otherRCEP countries would be further broadened.
Affected by the COVID-19 pandemic,Cambodia's economy in 2020 is projected to register its slowest growth since1994.
Deputy Prime Minister and Minister ofEconomy and Finance Aun Pornmoniroth said the growth would shrink by 1.9percent this year, making the gross domestic product (GDP) value worth 27.6billion USD.
The ADB forecasts better growth forCambodia in 2021, saying that the country’s growth would expand by 5.9 percent./.
