RCEP Agreement Drives ASEAN Economic Integration, Cambodian Prime Minister Says

PHNOM PENH – The Regional Extensive Economic Partnership (RCEP) is considerably boosting ASEAN’s regional integration and fostering mutually beneficial economic relations, according to Cambodian Prime Minister Hun Manet. Speaking at the Cambodia-ASEAN Business Summit 2025 in Phnom Penh on Thursday, March 7, Hun Manet addressed approximately 600 participants, emphasizing ASEAN’s strategic position for global capital flows due to robust intra- and inter-ASEAN trade and a pro-investment environment. The Prime Minister’s remarks underscore the growing importance of ASEAN as a key player in the global economy.

Hun Manet highlighted the compelling investment landscape within the Association of Southeast Asian Nations (ASEAN),noting its robust economic dynamism and a steadfast commitment to economic partnership and regional integration. His address emphasized the collaborative efforts and strategic trade agreements driving ASEAN’s prominence on the world stage. The RCEP agreement, in particular, is seen as a cornerstone of this integration.

ASEAN’s Commitment to Economic Partnership

The Prime Minister underscored ASEAN’s dedication to strengthening economic ties through various trade agreements. ASEAN’s prosperous navigation of the economic partnership landscape is evident in its comprehensive network of free trade agreements with key leading economies, he stated. This network positions ASEAN as a central hub for trade and investment within the Asia-Pacific region and beyond, attracting critically important global attention and capital.

the RCEP agreement, which came into force in 2022, further solidifies this commitment. the partnership comprises 15 asia-Pacific countries, including the 10 ASEAN member states – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, singapore, Thailand, and Vietnam – along with their five major trading partners: China, Japan, South Korea, Australia, and New Zealand.This broad membership enhances the agreement’s impact and reach.

Hun Manet affirmed that The ratification of RCEP further solidifies ASEAN’s unwavering commitment to deepening the regional integrations and fostering mutually beneficial economic ties. This statement highlights the importance of RCEP as a mechanism for promoting economic growth and cooperation among its member states, fostering a more interconnected and prosperous region.

Multilateralism and Consensus: The Foundation of ASEAN’s Success

The Cambodian leader stressed the importance of multilateralism and consensus in ASEAN’s approach to regional integration.he stated, Our value and success rest upon multilateralism and consensus with the model of one vision, one identity, and one community. This collaborative approach has been instrumental in ASEAN’s ability to navigate complex economic challenges and achieve its goals of regional integration, fostering a sense of unity and shared purpose.

Cambodia’s Role in Promoting Fair Trade

As a member of the World Trade Association (WTO), Cambodia is committed to promoting clear and fair trade practices. Hun Manet emphasized this commitment, stating, We focus on realizing a dynamic and integrated economic community through robust trade liberalization and facilitation. Cambodia’s active participation in the WTO underscores its dedication to fostering a level playing field for international trade and investment, contributing to a more equitable global economic system.

looking ahead

Prime Minister Hun Manet’s remarks at the Cambodia-ASEAN Business Summit 2025 highlight the significant role of RCEP in driving ASEAN’s economic integration and fostering mutually beneficial relationships among its member states and trading partners. With a strong commitment to multilateralism, consensus, and fair trade practices, ASEAN is well-positioned to continue its growth as a dynamic and integrated economic community, attracting further investment and driving regional prosperity.

RCEP: ASEAN’s Engine for Economic Growth – An Expert Perspective

To further understand the impact of RCEP on ASEAN’s economic trajectory, we turn to Dr. Anya Sharma, a leading expert in international trade and Asian economic development, for an exclusive interview.

Interviewer: Dr. Sharma,welcome. The Cambodian Prime minister recently highlighted RCEP’s crucial role in ASEAN integration. Can you elaborate on the agreement’s importance for the region’s economic landscape?

The Regional Complete Economic Partnership (RCEP) is indeed transformative for ASEAN. It’s not merely a trade agreement; it’s a multifaceted mechanism designed to boost intra-ASEAN trade while concurrently opening new, expansive avenues for commerce with key economic partners across the Asia-Pacific. RCEP’s significance lies in its comprehensive nature, encompassing goods, services, investment, intellectual property, and e-commerce. This holistic approach ensures a more robust and interconnected regional economy.

Interviewer: The agreement includes 15 Asia-Pacific nations. How does this broad membership impact its effectiveness compared to other regional trade agreements?

RCEP’s expansive membership is its superpower. Unlike many bilateral or smaller multilateral agreements, its inclusivity facilitates a substantial increase in market access. This is particularly relevant for ASEAN members, as RCEP unlocks opportunities in larger markets like China, Japan, South Korea, Australia, and New Zealand—markets that represent significant export destinations and sources of foreign direct investment (FDI). The sheer size and diversity of the participating economies contribute to a more robust, resilient, and dynamic economic bloc.

Interviewer: Prime Minister hun Manet emphasized ASEAN’s dedication to multilateralism and consensus. How have these principles shaped the success of RCEP and broader ASEAN integration?

Multilateralism is the cornerstone of ASEAN’s approach to regional cooperation. ASEAN’s unique consensus-based decision-making fosters inclusivity and, crucially, ownership among member states. This collaborative environment, while sometimes requiring longer negotiations, ultimately generates more durable and sustainable agreements, reducing the risk of internal conflicts that can derail trade initiatives. RCEP’s success is,to a large extent,a testament to ASEAN’s adeptness at navigating complex geopolitical and economic landscapes through consensus-building.

Interviewer: What are some specific benefits that RCEP offers to individual ASEAN member states? How does it contribute to their economic development?

RCEP offers tangible benefits tailored to each nation’s strengths and weaknesses. Such as,countries with strong agricultural sectors can benefit from increased market access for their products, while those focusing on manufacturing can leverage the reduced trade barriers for intermediate and finished goods. Smaller economies can harness the agreement as a springboard for economic diversification and growth. Moreover, RCEP’s provisions on investment and intellectual property rights attract foreign capital and technology transfer, crucial factors in fostering innovation and enhancing competitiveness at a national level.

Interviewer: Looking ahead, what are some potential challenges or hurdles that RCEP might face in achieving its full potential? How can these challenges be addressed proactively?

While RCEP offers immense opportunities, challenges remain. Maintaining a level playing field among vastly different economies, ensuring effective implementation and enforcement of rules, and addressing potential non-tariff barriers like differing regulations and standards require constant attention. proactive strategies involve fostering greater regulatory harmonization, boosting capacity-building among member states, and promoting seamless cross-border trade facilitation through digitalization and improved logistics infrastructure. Addressing these concerns will ensure RCEP’s long-term success and its full potential to benefit everyone involved.

Interviewer: what is your overall assessment of RCEP’s impact on ASEAN’s economic future and its place within the broader global economy?

RCEP significantly enhances ASEAN’s economic stature on the global stage. It positions the region as a crucial hub for trade and investment in the Asia-Pacific and beyond. The agreement’s comprehensive scope, coupled with ASEAN’s commitment to multilateralism and consensus-building, signals a new era of sustained economic growth and cooperation. Overcoming the remaining challenges requires sustained dedication to collaborative efforts amongst all RCEP members,leading to a more prosperous and integrated Asia-Pacific region.

Interviewer: Thank you, Dr. Sharma, for these insightful perspectives on RCEP and its profound impact on ASEAN’s economic integration. What are your final thoughts to our readers?

RCEP represents a landmark achievement in regional economic cooperation.While challenges remain, the long-term benefits are substantial. I encourage readers to explore RCEP’s provisions and consider how these developments impact their own industries and businesses. Let’s engage in a constructive dialog about this crucial development in the comments section below! Share your thoughts and experiences with RCEP!