RCEP affirms resurgence of multilateralism: Cambodia's FM

PHNOM PENH -- The Regional Comprehensive Economic Partnership (RCEP) free trade agreement, which took effect on Jan 1, has affirmed the resurgence of multilateralism, Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonn said.

He made the remarks during the opening of a two-day virtual seminar on RCEP on Thursday, which was attended physically by the leaders of the foreign ministry and via video conference by heads of Cambodia's diplomatic mission and consular office abroad, according to a ministry's press statement released on Friday.

"He (Sokhonn) further highlighted that its entry into force has signaled the Asia Pacific's collective commitment to mutual prosperity, peaceful co-existence, and a comprehensive post-pandemic recovery grounded on free and rules-based trade," the statement said.

The seminar aimed to support the realization of RCEP's full potential by strengthening the knowledge and understanding among the ministry's leaders, officials and diplomats vis-a-vis the agreement.

Sokhonn also underlined the important roles of Cambodia's missions abroad in leveraging and supporting the successful implementation of Cambodia's new Investment Law, RCEP, the Cambodia-China Free Trade Agreement (FTA), and the Cambodia-Korea FTA to facilitate the promotion and diversification of trade, attract foreign direct investment, and enhance national economic potential.

RCEP was signed on Nov 15, 2020 by the 10 member states of the Association of Southeast Asian Nations (ASEAN) and the bloc's five FTA partners, namely China, Japan, South Korea, Australia and New Zealand, making it the world's biggest trade deal, according to the statement.

RCEP covers approximately 30 percent of the world's population, accounts for about 30 percent of global gross domestic product, and represents some 28 percent of global trade, it added.