Phnom Penh (FN), Nov. 10 – Cambodian prime minister Hun Sen, in his capacity as the rotating chair of ASEAN 2022, said that the Regional Comprehensive Economic Partnership (RCEP) marks an important achievement for ASEAN as we have been keeping up with our efforts to open up the economy and diversify our regional markets.

The premier spoke at the opening ceremony of the ASEAN Business and Investment Summit (ABIS) 2022, held on Thursday (Nov 10) in Phnom Penh.

“I would like to take this opportunity to emphasize that the Regional Comprehensive Economic Partnership (RCEP) marks an important achievement for ASEAN as we have been keeping up with our efforts to open up the economy and diversify our regional markets. I firmly believe that this huge free trade agreement will boost trade activities both inside and outside of ASEAN, as well as promote broader regional economic integration,” the premier underscored.

The premier continued that at the opening ceremony of the 55th ASEAN Foreign Ministers' Meeting and Related Meetings in August, in Phnom Penh, Cambodia has proposed the establishment of the RCEP Secretariat in Phnom Penh as a demonstration of Cambodia's commitment to free and open trade in ASEAN.

Even though the COVID19 crisis has significantly lessened globally, the situation and outlook of the global economy is still fragile and prone to new crises, as we continue facing new and increasingly complex challenges that are occurring one after another in economic, social, environmental, and geo-political aspects.

In this sense, ASEAN must continue adhering to the principles of multilateral trading system and enhancing trade liberalization to promote ASEAN as an open, transparent, and inclusive region while maintaining "Centrality" and "Unity ASEAN" in building global and regional relations.

Furthermore, ASEAN must also update existing Free Trade Agreements and Comprehensive Economic Partnership Agreements to ensure that these agreements are modern, up-to-date, improved and effectively responsive to current business and investment trends.
=FRESH NEWS