Remarks at the Opening Ceremony of the High-Level Forum at the 10th Anniversary of the Regional Comprehensive Economic Partnership (RCEP) Agreement, and the Official Launch of the Book on the Framework for Regional Integration by the Economic Research Institute for ASEAN and East Asia (ERIA)

• Samdech, Excellencies, Ladies and Gentlemen!

        I am truly delighted to preside over the Opening Ceremony of the High-Level Consultative Forum on the 10th Anniversary of the Regional Comprehensive Economic Partnership (RCEP) Agreement, and the Official Launch of the Book on the Framework for Regional Integration by the Economic Research Institute for ASEAN and East Asia (ERIA) at this moment.

        As I recall, RCEP was announced to begin the negotiations in 2012 at the 21st ASEAN Summit in Phnom Penh, of which Cambodia was the ASEAN Chair. The year 2022 marks the 10th anniversary after the launch of negotiations of this agreement, and it is also the year that RCEP entered into force while Cambodia once again is the ASEAN Chair. Indeed, all ASEAN member states and partner countries have spent more than 8 years with relentless efforts trying to resolve all the difficulties and complexities in the negotiations of this agreement until accomplishing its desired objectives. I would like to commend ministers, relevant negotiation working groups, especially the ASEAN Secretariat for having provided support and coordination even before the announcement of the launch of negotiations in 2012 until this agreement was signed, forming the largest trade agreement in the world.

        At present, the world is being surrounded by acute risks such as climate change, regional geopolitical tensions especially the Russia-Ukraine war as well as various trade and tech wars that have detrimental and immeasurable impacts, causing complexities and chaos to the regional and global development in the short- and medium-term. The multipolar trends, competition of interest and shifts in global and regional power balance and the rise in protectionism are likewise undermining globalization and rules-based multilateralism momentum.

        In this context, RCEP is an important mechanism and a strategy that demonstrates our unwavering commitment to safeguarding the rules-based multilateral free trade system, maintaining economic openness, and upholding a spirit of cooperation. Furthermore, RCEP has great potential to address major challenges such as strengthening global value chains, accelerating digitalization, mitigating the adverse impacts of climate change as well as counteracting the tendencies of anti-globalization and protectionism, on one hand; and on the other hand, RCEP also has a crucial role in maintaining the prosperity and political stability in the region by promoting key roles of strengthened economic integration and enhancing existing institutional mechanisms in fostering high-level dialogues as well.

• Samdech, Excellencies, Ladies and Gentlemen!

        For almost three years, the COVID-19 pandemic has proved that the Asian economies are relatively resilient since Asia is a fast-growing economic, trade and innovation hubs, especially in East Asia region which has deep integration in the global value chains and is an important connecting dot for the global economy. Studies by major international institutions have shown that a full-pledged implementation of RCEP will boost trade volume by approximately 40 billion US dollars, increase real income by up to 2.5 percent, upswing trade activities amongst RCEP members by 12.3 percent and help uplift the livelihood of an additional 27 million people into the middle class for the RCEP region by 2035 while RCEP is estimated to increase global incomes by up to 263 billion US dollars.

        For Cambodia, a study by ERIA in early 2022 shows that Cambodia’s gross domestic product (GDP) could rise by around 2 percent to 3.8 percent, exports would grow between 9.4 percent to 18 percent, job opportunities would increase by 3.2 percent to 6.2 percent annually and tax revenue could increase by 2 percent to 3.9 percent per annum while the overall investment could increase by around 23.4 percent.

        I would like to emphasize that despite being a less developed country, Cambodia is a highly open economy which strongly values rules-based multilateralism system and regional and global economic integration which overall is aligned with the objectives of the RCEP Agreement. In addition to RCEP, Cambodia also has the Bilateral Cambodia-China Free Trade Agreement entering into force on January 1st, 2022, the same day as RCEP did, and Cambodia-Korea Free Trade Agreement which will enter into force on December 1st, 2022, while Cambodia is continuing to explore the possibility of establishing free trade agreements with other partner countries.

        To take advantage of the RCEP Agreement more effectively, I would like to share some personal views as follows:

        1^st. All member parties and signatory parties of the RCEP Agreement, especially member parties which are less developed countries, should increase cooperation and mutual support aimed at fully implementing this RCEP Agreement to maximize the benefits. To achieve this objective, the RCEP Secretariat should be established as soon as possible by considering all aspects and necessary conditions to ensure neutrality, independence, development opportunities, and participation in regional integration. In this direction, I would also like to reiterate that Cambodia is still interested in setting up the RCEP Secretariat in Phnom Penh and is ready to provide necessary supports and provisions.

        2^nd. I strongly urge all member parties and signatory parties of RCEP to commence discussions on the procedures for requesting additional members to the agreement as soon as possible in which our agreement will allow for more membership proposal during next year.

        3^rd. Cambodia welcomes financial assistance from member parties and signatory parties of RCEP aimed at supporting and enhancing the effectiveness of the implementation of this agreement, especially for member parties which are less developed countries including Cambodia, and calls for all RCEP members to expedite discussions on the mechanism for implementing this economic and technical cooperation as soon as possible, sharing best practices in the implementation of free trade agreements so as to turn this RCEP agreement into a joint mechanism that supports regional economic development in a sustainable, resilient and inclusive manner.

        4^th. The private sector is the engine of economic growth and a key player in ensuring and improving the efficacy of this agreement’s implementation since the private sector is the direct implementer. Therefore, we need to spur participation through capacity building, awareness-raising activities and consultative forums with the private sector which would become a framework to discuss, exchange ideas and figure out challenges and opportunities.

        Before concluding, I would like to commend the Economic Research Institute for ASEAN and East Asia for its ongoing research on the RCEP Agreement, in particular the publication of the second book compilation, Dynamism of East Asia and RCEP: The Framework for Regional Integration. I share the view that this book will serve as an important basis for raising public and private sector awareness about opportunities of the RCEP Agreement which will contribute to increasing the effectiveness and feasibility of implementing this agreement.

        Finally, I wish this forum fruitful results and success as planned, and wish Samdech, Excellencies, Ladies and Gentlemen as well as all national and international guests good health and success in all your endeavors, especially enjoying the comfortable and pleasant stay while in the Kingdom of Cambodia.

        I would like to announce the opening of a high-level consultative forum on the Regional Comprehensive Economic Partnership (RCEP) Agreement from now on!

Thank You!