The media will remain a vital source of “accurate and timely” information on developments regarding the world’s largest trade pact for policymakers, think tanks, business people, investors and the general public.
Phnom Penh Post CEO and Publisher Ly Tayseng made the comment on May 29 at the RCEP Media & Think Tank virtual forum hosted by state-owned newspaper China Daily and other partners.
The implementation of the Regional Comprehensive Economic Partnership (RCEP), which entered into force on 1 January in 10 of the 15 signatory states, will be of “great significance” for the region and the world, and will provide a “tremendous boost thumb” in the post-war period. Covid-19 economic recovery efforts, Tayseng said.
“RCEP has proven to be a powerful boost to international trade and has positioned our region as a leader in global economic recovery, and allowed us to continue to be an attractive location for investment.
“At the Phnom Penh Post, we have reported a lot on the effects of the partnership. Since its inception, we have promoted and highlighted to businesses and consumers how RCEP has and will impact their lives and livelihoods.
“The Phnom Penh Post’s readership is made up of business people, NGO officials and investors, among many other high profile professionals, all of whom depend on facts from a well-reported media outlet to conduct research. and do business.
“For our part, we have widely reported the facts of the partnership and interviewed many businessmen on how the partnership will boost our economy. We also reported on how the agreement could help Cambodia graduate from least developed country status before the end of the 2020s.
“Our reporting on RCEP has certainly given our readers an in-depth look at the partnership,” he said.
RCEP is a free trade agreement (FTA) between the 10 ASEAN countries, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam, as well as five other Asia-Pacific countries: Australia, China, Japan, South Korea and New Zealand.
The 15 signatories represent approximately 30% of the world‘s population (2.2 billion people) and 30% of global GDP ($29.7 trillion), making RCEP the largest trading bloc in the world.
Approved in November 2020, RCEP is the first FTA between China, Indonesia, Japan and South Korea, which together with India form the list of the top five economies in Asia, according to official figures from the Nominal GDP. India notoriously pulled out of the negotiations in November 2019, citing trade imbalances and other concerns.
Zhang Jianping, deputy director of the academic committee of the research institute of China’s Ministry of Commerce, said RCEP has established a “good pattern of connection” among signatories for the expansion of trade and investment, and offers “a very big opportunity” for Asia-Pacific. Region.
Covering “most of the world’s dynamic market”, the pact “creates more engines” for regional economic growth and development, he said, noting that “China’s huge market will create opportunities for economic growth” in a number of Member States.
In February, the World Bank (WB) reported that Cambodia ranked third in real income gains and export growth among RCEP members.
Cambodia is expected to register a 6.5 percent rise in export growth, the highest after Vietnam and Japan at 11.4 percent and 8.9 percent, respectively, he said, adding that the he deal has the potential to bring an additional 27 million people to middle-class status by 2035.
Tayseng went on to say, “RCEP is a complex and living agreement. Its wider dissemination and in-depth understanding would be necessary as its effective implementation will depend on all signatory countries.
“So the media should collaborate more in forums like this to be able to talk about strategies and perspectives on reporting, and commit to reporting more to our regional partners.
“RCEP Media & Think Tank Forum’s theme ‘Working Together for Common Development’ is particularly relevant in this regard,” he added.
Cambodia’s total trade volume with RCEP partners, including under the Cambodia-China Free Trade Agreement (CCFTA) and preferential regimes, exceeded $8.06 billion in January-March , according to the Department of Commerce. Of this amount, Cambodia’s exports amounted to $1.956 billion while imports were $6.106 billion.