Cambodia, S Korea to enhance trade, investment using FTA

31 Jan '23

1 min read

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Cambodia and South Korea recently agreed to enhance bilateral trade and investment by maximising their free trade agreement (FTA) that came into force a month earlier, according to the latter’s industry ministry. The development came at a business and investment forum in Seoul attended by South Korean trade minister Ahn Duk-geun and Cambodia’s commerce minister Pan Sorasak.

“The bilateral agreement laid the groundwork for the expansion of bilateral trade in a wide range of fields from textile and clothing to cars and machinery, and to agro and fishery food,” Ahn said during the forum.

“The two nations will be able to further strengthen cooperation on digital economy, clean energy and various other sectors to help advance Cambodia’s industrial structure, and to jointly achieve net-zero goals,” he said.

South Korea will support Cambodia’s technology development through official development assistance programmes, Ahnwas quoted as saying by a news agency.

The FTA, which took effect on December 1 last year, calls for a higher level of market opening than the existing South Korea-ASEAN FTA and the multilateral trade pact of Regional Comprehensive Economic Partnership (RCEP), the ministry said.

Bilateral trade was worth $1.05 billion last year.

Fibre2Fashion News Desk (DS)

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