Businesses in Cambodia were yesterday urged to make full use of the Regional Comprehensive Economic Partnership (RCEP) which has started to play a crucial role in expanding trade and investment in the region since its implementation last year.
While making his keynote remarks at a seminar on ‘Impacts of RCEP – Legal, Commercial and Practical Implications for Cambodian Businesses,’ organised by the American Chamber of Commerce (AmCham), at Sofitel Phnom Penh Phokeethra, Sok Siphana, Chairman of Asian Vision Institute, asked local businesses to pay attention to produce more value-added products to take full advantage of RCEP and other free trade pacts.
Siphana pointed out that the proposed new law on the Rules of Origin could help Cambodian businesses in this regard. “There is also a wrong perception that only members of RCEP are benefitted from the agreement. If a business from a non-member such as the US, established in Cambodia, can also benefit if it cares to source 40 percent of the raw materials from an RCEP member country. Then the product can be marketed as an RCEP product,” he pointed out.