Signing of RCEP agreement a historic achievement of region: AKP hinh anh 1The signing of RCEP agreement in Cambodia (Photo: AKP)
Phnom Penh (VNA) - The signing of the Regional Comprehensive Economic Partnership (RCEP) Agreement is a historic achievement of the region, according to Cambodia’s national press agency Agence Kampuchea Press (AKP). 

Cambodia and other 14 member countries signed the pact on November 15 via videoconference, following the virtual 4th RCEP Summit hosted by Vietnam.

Cambodian Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth, on behalf of Prime Minister Hun Sen, and leaders of other RCEP nations witnessed the signing ceremony. 

The agreement will contribute to the protection and the promotion of globalisation, and the support of rules-based multilateral trading system, AKP said.

It is an indispensable prerequisite for the principles of free and fair trade, and an important driving force for sustainable socio-economic development, it continued.

The RCEP agreement will be also an important catalyst in contributing to economic growth, improving the livelihoods of people in the region, and helping to restore regional economic development after the COVID-19 pandemic.  

The signing of the agreement will form the world’s largest free trade agreement, covering 2.2 billion people, or 30 percent of the world population, with combined gross domestic product (GDP) of about 26.2 trillion USD or about 30 percent of global GDP and nearly 30 percent of the world trade.

Based on the result of the negotiations and the study by the Economic Research Institute for ASEAN and East Asia (ERIA), it is shown that after the conclusion of the RCEP agreement, per annum, Cambodia is expected to increase 2 percent on top of the current GDP, 7.3 percent and 23.4 percent in exports and investment, respectively./.