Hong Vanak, director of International Economics at the Royal Academy of Cambodia, ascribed the year-on-year increase in trade for the 10-month period to improvements in Cambodian-Australian bilateral relations and the Regional Comprehensive Economic Partnership (RCEP) Agreement’s entry into force on January 1 with both countries as members.
Vanak believes that Cambodian-Australian trade ties will receive a considerable boost from meetings between leaders of both countries during the dual ASEAN summits ended on November 13.
“With some Cambodian agricultural products in demand on the Australian market, it is necessary to consider quality and quantity,” he said, predicting that trade figures would trend up going forward.
He said Australia is a major buyer of Cambodian agricultural and textile-related products as well as bicycles, and exports items like electronics and vehicles to the Kingdom.
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