ROK, Cambodia conduct 2nd round of FTA talks

03 Sep '20

2 min read

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South Korea and Cambodia are conducting the second round of free trade agreement (FTA) negotiations this week to expand its export portfolio to cushion the economic fallout from the novel coronavirus pandemic. The four-day virtual meetings will discuss the scope of products and ways to enhance bilateral economic ties. The first round was held in late July.

The talks will end on September 3.

At least two more rounds of FTA negotiations are needed to finalise the pact before the end of this year, secretary of state in the Cambodian commerce ministry Seang Thay was quoted as saying by the country’s media.

The talks came after Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, proposed the bilateral free trade pact during his summit with South Korean President H.E. Moon Jae-in in Phnom Penh in March 2019.

The bilateral trade volume between the two countries reached an all-time high of $1 billion in 2019, up 6 per cent from a year earlier, according to a South Korean news agency. Cambodia exported $336 million worth of products to South Korea and imported $697 million from the country. Cambodia is South Korea’s 58th-largest export destination.

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