According to a joint statement, Cambodia and Japan have agreed to secure the full implementation of the Regional Comprehensive Economic Partnership (RCEP), the world's largest trade agreement, for the benefit of all.
The statement was issued on Sunday following a meeting between Cambodian Prime Minister Samdech Techo Hun Sen and his visiting Japanese counterpart Fumio Kishida at the Peace Palace earlier in the day, as per reports.
"The two Prime Ministers agreed to intensify collaboration to secure the full implementation of the ASEAN-led Regional Comprehensive Economic Partnership Agreement," according to the statement.
The Regional Comprehensive Economic Partnership (RCEP), which was signed on November 15, 2020 and entered into force on January 1, 2022, is a mega trade agreement between ASEAN's ten member countries and its five free trade agreement partners, namely China, Japan, South Korea, Australia, and New Zealand.
The RCEP, which includes the ten ASEAN states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam) and significant trading partners, encompasses nearly 30 percent of the world's GDP and population. Over the next 20 years, as the world's largest trading bloc, it will erase 90 percent of tariffs on goods exchanged among its signatories.
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