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RCEP and CCFTA agreement add momentum to Cambodia's agriculture development

The trade pact is seen as a key instrument to help boost post-pandemic economic recovery. (Image source: Adobe Stock)

In a report by Xinhua, Cambodian Minister of Agriculture, Forestry and Fisheries, Dith Tina, on 26 December stated that the Regional Comprehensive Economic Partnership (RCEP) and the Cambodia-China Free Trade Agreement (CCFTA) had added momentum to Cambodian agriculture development

Agriculture is considered to be one of the main pillars contributing to Cambodia's economy, with the sector in 2021, providing more than 20% to the country's GDP. The World Bank commented that the RCEP and CCFTA had in fact done a great job at enhancing the country's agricultural production and agro-processing industries. 

Furthermore, an economic update report released this month mentioned that the CCFTA had made it possible for China to become an increasingly important export destination for agricultural commodities from Cambodia, mainly for products such as bananas, milled rice, and cassava, among many others. The trade agreement is also expected to increase the engagement of foreign investers and play a role in economic recovery during the post-pandemic era.