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Cambodian National Assembly ratifies FTA with China

14
Sep '21
Pic: Shutterstock
Pic: Shutterstock
The National Assembly of Cambodia last week ratified its free trade agreement (FTA) with China. Ninety two lawmakers unanimously adopted the pact, which will be reviewed by the Senate before being submitted to King Norodom Sihamoni for endorsement. The Cambodia-China FTA was signed on October 12 last year to boost bilateral boosting trade and investment.

"The agreement will facilitate trade in goods between the two countries through reducing and eliminating tariffs and non-tariff barriers," Cambodian commerce minister Pan Sorasak told parliament. "It will also facilitate, protect, promote and attract investment," he said.

The pact will further strengthen bilateral cooperation under the framework of the Belt and Road Initiative (BRI), the minister said, adding that it will enter into force 30 days after both countries have exchanged their ratification instrument through a diplomatic channel, according to Cambodian media reports.

Despite the impact of COVID-19, trade volume between the two countries was valued at almost $5 billion during the first six months of this year, up by 31 per cent year on year, according to a commerce ministry report.

Fibre2Fashion News Desk (DS)


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