FTAs, RCEP raise Cambodia's hopes for brighter, post-pandemic recovery

Two-way trade with China topped $8 billion in 2020 and is expected to reach $10 billion in 2023 with October's signing of the FTA. A similar agreement was also inked with South Korea after two-way trade reached $880 million in 2020. Under that deal Cambodia will lift tariffs on 93.8 per cent of all products traded, and South Korea will remove tariffs on 95.6 per cent of all items.

RCEP will eliminate up to 90 per cent of tariffs on goods traded between signatories over the next 20 years, which analysts say would further underpin regional integration by building upon China’s Belt and Road Initiative infrastructure projects, according to a US media report.

Fibre2Fashion News Desk (DS)