Cambodian PM Highlights Significance of RCEP at 7th RCEP ISSL MM

Phnom Penh, March 02, 2019 -Cambodian Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen has emphasised the importance of RCEP initiative in transforming Asian economy into a key economic polar.

At the opening ceremony of the 7th Regional Comprehensive Economic Partnership International Ministerial Meeting (7th RCEP ISSL MM) in Siem Reap this morning, Samdech Techo Hun Sen recalled the background of RCEP Agreement and extended appreciation to all the participating countries for the utmost efforts this far in pushing for the realisation of the most ambitious regional free trade agreement in Asia, which would cement a very solid basis for global prosperity.

The Cambodian Premier also acknowledged the trend of international trade and challenges posed by key superpowers, bringing about different directions of ASEAN Member States and other states advocating free trade regime. Despite this fact, Cambodia and other ASEAN Member States remain committed to achieving common basis, direction, and benefits.

Samdech Techo Prime Minister accentuated the changes of geopolitics and global economic multi-polar as well as the significance of the RCEP initiative to convert Asian economy into a core economic polar aimed at averting protectionism and the widespread negative impacts of trade war.

“Cambodia and ASEAN Member States are highly committed to adherence to multilateral regime and international cooperation and remain industrious in uplifting multilateral trading system which is open as basis for growth and regional and global economic development for decades or the world will be of anarchical vacuum leading to any possible trade war otherwise,” he added.

Meanwhile, Samdech Techo Prime Minister offered three key recommendations to the 16 Ministers of RCEP to sidestep any disagreements on some sectors, as to expedite the realisation of the sought-after comprehensive RCEP Agreement, as following:

1. All Parties shall regard this negotiation a win-win process by which the conclusion of this Agreement will mean the fair contributions to all Parties regardless of their existing different development gaps.

 2. Despite economic agenda divergence, all Parties shall look into common aspect of huge potentials and benefits of the RCEP Agreement so that this negotiation process overcomes all impeding challenges ahead.

3. All Ministers of participating countries shall respect political will and offer directions and recommendation to our Trade Negotiation Committee on gentle and understanding basic reflecting the guiding principles agreed to since 2012, especially regarding the provision of special treatment (tariff preference) and market access to Least-Development Countries with small economic scales.

By Khan Sophirom