The Regional Comprehensive Economic Partnership (RCEP) agreement and bilateral free trade agreements (FTAs) are expected to help Cambodia attract more foreign direct investment (FDIs) and boost its exports, National Bank of Cambodia’s Governor Chea Serey says.
Cambodia is a member of the RCEP agreement that engaged with 15 Asia-Pacific countries, and the kingdom also has bilateral FTAs with China, South Korea and the United Arab Emirates.
According the Serey, these trade pacts will help boost Cambodia’s productivity and promote its economic diversification, adding that the kingdom’s economy is forecast to grow 6% in 2024, up from 5% in 2023, driven by a rise in exports, recovery in tourism, and growth in transport and communication.
Cambodia approved the fixed asset investment of 2.5 billion U.S. dollars in the first four months of 2024, which will create approximately 130,000 jobs, the government reports.
RCEP includes the 10 ASEAN (the Association of Southeast Asian Nations) member states and their five trading partners, namely China, Japan, South Korea, Australia, and New Zealand.
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