Regional Comprehensive Economic Partnership (RCEP) trade pact and the Cambodia – China Free Trade Agreement (CCFTA) have given a boost to the fledgling e-commerce industry in Cambodia, experts said.
Cambodia’s market value of e-commerce had surged to $970 million in 2021, up 19% from $813 million in 2020, according to the Ministry of Commerce’s iTrade Bulletin released last week. 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. “Moreover, the RCEP and the CCFTA, which both entered into force on 1 Jan 2022, have injected fresh impetus into the development of e-commerce in Cambodia,” he told one news agency.
He said e-commerce is a potential sector to help boost the kingdom’s economy during and after the pandemic era. “During the pandemic, e-commerce had grown rapidly and there’s no doubt that the growth will continue in coming years,” Sovicheat said. Speaking of the cooperation between Cambodia and China in the e-commerce sector, the spokesman said the rapid development of e-commerce in China can be a good example for Cambodia to follow.
“We wish to see investment from Chinese e-commerce giants such as Alibaba or JD.com in technological infrastructure and logistics, so it will provide a strong basis for Cambodia to expand its e-commerce market to China, the region, and the world,” he said.
