Economic experts believe that Cambodia could gain many positive benefits if it can become a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The bloc, which currently has 12 member countries, represents about 15% of global GDP.
The website bilaterals.org reported on December 15 that officials from CPTPP member countries have noted that Cambodia has applied to join the trans-Pacific free trade pact. The talks on Cambodia’s accession to the pact, formally known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, will begin once all current members have given their consent and established a working group to discuss the terms.
The CPTPP is a free trade agreement signed on March 8, 2018, in Santiago, Chile. Its member countries include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The UK became the 12th member of the agreement in 2024.
Economist Lor Vichet told The Post on December 18 that the CPTPP is a major trade agreement with 12 member countries, some of which are also members of the Regional Comprehensive Economic Partnership (RCEP), like Cambodia. He said that joining the CPTPP would bring many positive benefits to Cambodia and could serve as a medium- and long-term trade diversification strategy for the country.
“The desire to join the CPTPP means that the Cambodian government aims to further expand its trade partners, especially countries in Latin America, North America and the UK,” he noted.
However, Vichet explained that this is only the beginning, as Cambodia must go through many stages before it can be approved for membership.
Hong Vanak, an economist at the Royal Academy of Cambodia, said that if Cambodia can become a CPTPP member, it would bring significant benefits to its economy by expanding export markets to more countries, particularly in the Americas and the UK. Once a member, Cambodia would have the right to negotiate on an equal footing with other CPTPP members to expand its export markets under special conditions.
“If we have the opportunity to become a member, what we must do is carefully select and consider which products to export to CPTPP member markets, as well as carefully consider product standards,” he explained.
He added that as Cambodia gains more export markets, the number of factories and enterprises opening operations, as well as job creation, will also increase.
