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Bangladesh & Cambodia to form joint trade commission
14
Feb '17
Bangladesh and Cambodia are working towards forming a trade commission, which will most probably be signed this year, said an official from Cambodia’s commerce ministry. Bangladesh is very close to finalising terms for the commission that will result in a bilateral trade agreement between the two countries. The agreement will lower tariffs on imports.

The commerce ministry of Cambodia has already agreed to form the commission and is currently waiting for an approval from Bangladesh, a Cambodian daily said quoting Soeng Sophary, spokesperson for the ministry of commerce of Cambodia.

Sophary added that both countries have formulated a list of products and items that will be imported and exported between the two countries. It will be revealed after they sign the agreement. She also said that the apparel industry drives the growth in both countries and the trade will be carried out to complement both the countries’ growth.

The trade between Bangladesh and Cambodia amounts to $6.7 million per year. The main exports from Cambodia to Bangladesh include cotton, cooking oil and fertilisers, while the former imports garments, footwear and leather goods from the latter.

A trade deal between the two countries is likely to boost garment production in both nations and tariff-free leather will help increase Cambodia’s travel goods sector, said president of the Garment Manufacturers Association of Cambodia Van Sou leng.

Sou leng also spoke about a labour-sharing agreement to allow workers from Bangladesh to migrate to Cambodia. This is likely to help with the growth of Cambodia’s manufacturing capabilities. (KD)

Fibre2Fashion News Desk – India


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