RCEP has potential to help ASEAN develop economy: Cambodia's senate president

The RCEP would help reduce the gap in development between rich and poor ASEAN member states, experts believe.

PHNOM PENH, Jan. 18 (Xinhua) -- Cambodia's Senate President Samdech Techo Hun Sen said on Friday that the Regional Comprehensive Economic Partnership (RCEP) has the potential to help ASEAN member states grow their economies with high capacity and resilience.

Hun Sen made the remarks during a meeting with Johari bin Abdul, speaker of Malaysia's Dewan Rakyat, lower house of the parliament, in the capital Phnom Penh, the senate said in a press release after the meeting.

As Malaysia is ASEAN's chair for 2025, Hun Sen has a strong conviction that Malaysia will lead the region to further develop, the press release said.

He also suggested that Malaysia consider initiating a mechanism for ASEAN-level trade negotiations with its external partners, the press release added.

Entering into force on Jan. 1, 2022, the RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

Kin Phea, director general of the International Relations Institute of Cambodia, a think tank under the Royal Academy of Cambodia, said the RCEP would help reduce the gap in development between rich and poor ASEAN member states.

"The RCEP has lowered tariffs and reduced trade barriers, which has led to more trade between ASEAN member states and their trading partners," he told Xinhua. "The world's largest free trade agreement has also helped improve ASEAN's integration into the global economy and global supply chains."■