Cambodia, Japan agree to ensure full implementation of RCEP free trade deal

PHNOM PENH - Cambodia and Japan on Sunday agreed to ensure the full implementation of the Regional Comprehensive Economic Partnership (RCEP) free trade agreement for the benefit of all, according to a Cambodia-Japan joint statement.

The statement was released after a meeting between Cambodian Prime Minister Samdech Techo Hun Sen and visiting Japanese Prime Minister Fumio Kishida at the Peace Palace in capital Phnom Penh.

"The two prime ministers consented to strengthen cooperation to ensure the full implementation of the ASEAN-led Regional Comprehensive Economic Partnership Agreement," the statement said.

Signed on Nov. 15, 2020 and entered in force on Jan. 1, 2022, RCEP is a mega trade deal between 10 member states of the Association of Southeast Asian Nations (ASEAN) and its five free trade agreement partners, namely China, Japan, South Korea, Australia and New Zealand.

RCEP, which groups the 10 ASEAN members -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- and its key trade partners, covers roughly 30 percent of the world's gross domestic product and population.

As the world's largest trading bloc, it will eliminate 90 percent of the tariffs on goods traded among its signatories over the next 20 years.