Cambodia and Korea officially signed a free trade agreement (FTA) via video conference on October 26, 2021.
The Cambodia-Korea Free Trade Agreement will be the second free trade agreement after the Cambodia-China Free Trade Agreement.
The agreement will further promote Cambodia's exports to the Republic of Korea, which include garments and textiles, electronics, especially agricultural products.
H.E Pen Sovicheat, Undersecretary of State and Spokesperson of the Ministry of Commerce said that the signing ceremony took place in the presence of H.E. Pan Sorasak, Minister of Commerce of Cambodia and his South Korean counterpart.
According to H.E. Pen Sovicheat, after the signing of the Cambodia-Korea Free Trade Agreement on October 26, 2021, both parties must meet their respective internal conditions.
This agreement shall pass through the Council of Ministers, then to the National Assembly, the Senate, before being signed by the King of Cambodia.
He added that that the Cambodia-Korea Free Trade Agreement will be launched in 2022 after the Cambodia-China Free Trade Agreement is launched in early 2022.
He stressed that the Cambodia- South-Korea Free Trade Agreement aims to strengthen economic partnership and expand the liberalization of bilateral trade, with mutual benefits aimed at enhancing economic benefits and the well-being of the people and business of both countries.
The bilateral trade relations between Cambodia and South-Korea have been running smoothly.
In the first eight months of 2021, from January to August 2021, the trade volume between Cambodia and South-Korea reached more than US$514 million, up by 11.52% compared to the same period in 2020.
In the first eight months of this year, Cambodia exported more than US$129 million in goods to South Korea, while imports from South Korea amounted to more than US$385 million. Cambodia's exports to South Korea include garments, electronics, footwear, beverages, rubber bags, medicines and cardboard.
By Pheara!
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