RCEP, BRI, CCFTA boost Cambodia’s socio-economic, trade development

The three have laid a strong foundation for Cambodia and China to broaden their cooperation in economic, trade and investment, Kao Kosal, director general of the General Directorate of Trade Promotion under the Cambodian ministry of commerce, said.

“They have provided and will continue to provide great benefits to Cambodia’s socioeconomic development in the long term,” he said at a Cambodia-Guangxi Zhuang Autonomous Region business forum in Phnom Penh.

China’s Belt and Road Initiative (BRI), the Cambodia-China Free Trade Agreement (CCFTA) and the Regional Comprehensive Economic Partnership (RCEP) have played a key role in boosting Cambodia’s socio-economic and trade development and will help further attract more Chinese investors, according to government officials in capital Phnom Penh.

Suon Sophal, director of the department of public relations and promotion of private investment at the Council for the Development of Cambodia, said the three are the key factors attracting Chinese investors to the Southeast Asian nation, a news agency reported.

“RCEP has not only promoted greater regional economic integration, but also underscored the unwavering commitment of all member countries to free trade and multilateralism,” Joseph Matthews, a senior professor at the BELTEI International University in Phnom Penh, told the news agency.

Fibre2Fashion News Desk (DS)