Logo of Phnom Penh Post newspaper Phnom Penh Post - RCEP advisory council established

RCEP advisory council established

Content image - Phnom Penh Post
Total trade volume between Cambodia and RCEP partners including preferential schemes and the Cambodia-China Free Trade Agreement (CCFTA) topped $8.06 billion in the first quarter. Heng Chivoan

RCEP advisory council established

A business advisory council for the Regional Comprehensive Economic Partnership (RCEP) has been set up by the private sector to review and strengthen the implementation of the agreement as well as maximise its benefits.

The council will also monitor and track the rollout and operation of RCEP, said Cambodia Chamber of Commerce (CCC) vice-president Ly Kunthai.

Consultations with the private sector will be conducted to discuss and collect input so that it can make recommendations to the RCEP leadership to ensure mutual benefits from the agreement.

Kunthai, who is also president of the Cambodia Footwear Association, said the business advisory council, which is chaired by CCC president Kith Meng, is an expansion of the RCEP working group.

It now includes members from the East Asia Business Council, Australian Industrial Working Group and New Zealand International Business Forum.

“The establishment of the RCEP business advisory council is important [because] it [will] provide a report on recommendations to the ASEAN Plus Three leaders which [represents] the common voice of the private sector,” Kunthai said.

The council, which held its first meeting on April 22, discussed matters including its charter, the implementation of the RCEP and plans for the year.

Meanwhile, Ministry of Commerce spokesman Penn Sovicheat said exports under the RCEP in the first three months of 2022 were more than $2 billion.

Total trade volume between Cambodia and RCEP partners including preferential schemes and the Cambodia-China Free Trade Agreement (CCFTA) surpassed $8.06 billion during the period.

Of that, Cambodia’s exports amounted to $1.956 billion while imports were $6.106 billion.

“We have observed that Cambodia has benefitted as expected. It is also a reflection of the accuracy of studies which showed that Cambodia will benefit a lot, although at the beginning, most exporters were still using the existing preferential system.

“Both RCEP and the CCFTA are complementary and provide benefits as we graduate from the least developed country status, where preferential treatments will lapse,” he said.

A senior commerce ministry official, who declined to be named, shared that many exporters have applied for the Certificate of Origin in RCEP and CCFTA to export under the two agreements.

“Most of them are garment, rice, fruit and vegetable exporters who do business with China and [South] Korea,” the official said.


  • All Covid restrictions for inbound travellers lifted

    Cambodia has apparently taken the final step towards full reopening of the country without Covid-19 restrictions by removing all requirements for inbound travellers, who until now had to show health certificates indicating that they have tested Covid-19 negative in the past 72 hours as well as

  • Typhoon Noru brings flash floods – 16 dead

    An official warned that that the 16th typhoon of the season, Noru, had brought heavy rains to areas the Mekong River and flooded thousands of homes in the provinces bordering Thailand. As of September 27, the death toll from the flooding had risen to 16. National Committee

  • Cambodia stands firm on 5PC: No invite for Myanmar to ASEAN Summit this year

    Cambodia has not invited Senior General Min Aung Hlaing, chairman of Myanmar’s ruling State Administration Council (SAC), to the 40th and 41st ASEAN Summit and related meetings scheduled for next month in Phnom Penh. The government will instead invite a non-political representative from Myanmar

  • Mushrooming borey projects and home financing – a cause for concern?

    A spurt in housing developments is typically a sign of a growing economy but underneath all that might lay some anxiety of credit growth as developers offer financing to buyers at higher rates, an activity the central bank identifies as ‘shadow banking’ Earlier this year,

  • Thai Senate delegates in Cambodia to discuss anti-graft co-op

    A delegation from Thailand's Senate was in Phnom Penh on September 28 to meet their Cambodian counterparts to discuss strategies for fighting corruption and enhancing cooperation. The Thai delegates were from its Senate’s Committee on Studying and Inspecting Corruption, Misconduct and Strengthening Good Governance. They

  • Hun Sen’s rare visit to Cuba: What’s going on?

    Back on August 17, Prime Minister Hun Sen announced that he would deliver a speech at the 77th UN General Assembly (UNGA) at the UN headquarters in the US’ New York City, visit Cuba and attend the state funeral of the slain Japanese Prime Minister Shinzo