GLOBALink | RCEP, CCFTA give boost to e-commerce development in Cambodia

PHNOM PENH, July 12 (Xinhua) -- Business insiders said the Regional Comprehensive Economic Partnership (RCEP) trade pact and the Cambodia-China Free Trade Agreement (CCFTA) have given a boost to the development of the fledgling e-commerce industry in Cambodia.

According to the Ministry of Commerce, Cambodia's market value of e-commerce had surged to 970 million U.S. dollars in 2021, up 19 percent from 813 million dollars in 2020.

Ministry of Commerce's undersecretary of state and spokesman Penn Sovicheat said the e-commerce sector has boomed in the Southeast Asian country in recent years thanks to the rapid development of technologies and fast growth of Internet users.

He said the RCEP and the CCFTA, which both entered into force on Jan. 1, 2022, have injected fresh impetus into the development of e-commerce in Cambodia.

Jack Lee, chief executive officer and co-founder of the online market Smile Shop in Cambodia, said pandemic-related restrictions on outdoor movements are also one of the key reasons behind the growth of e-commerce in Cambodia.

The investors have brought capital, knowledge, and products to Cambodia, he said, adding that Chinese people have also invested a lot in logistics, and the Cambodian government is trying its best to bring more and more Cambodian products to the Chinese market.

Produced by Xinhua Global Service