China-Cambodia FTA to enter into force in Jan 2022

22 Nov '21

2 min read

Pic: Anastasiia Guseva | Dreamstime.com

Beijing and Phnom Penh recently agreed to bring the Cambodia-China Free Trade Agreement (CCFTA) into force in January and renewed a pledge to boost their annual bilateral trade figure to $10 billion, according to Cambodian Prime Minister Hun Sen, who had a virtual meeting with his Chinese counterpart Li Keqiang to explore avenues to strengthen economic ties.

Li vowed to push for joint mechanisms and work plans between the two sides to draw up and renegotiate quotas on the direct import of Cambodian milled rice and other agricultural goods to China.

According to Cambodian commerce ministry spokesman Pen Sovicheat, for the CCFTA to enter into force, both parties must sign a joint notification, which indicates that their respective internal procedures have been completed.

“The Ministry of Commerce hopes that the volume of trade between the two countries will continue to grow after this agreement enters into force, and especially that exports from Cambodia will increase further,” Sovicheat was quoted as saying by Cambodian media reports.

Bilateral trade between Cambodia and China reached nearly $7.968 billion in the first nine months of 2021, increasing by more than 38.36 per cent year-on-year, the commerce ministry reported.

In January-September, the Kingdom exported $1.093 billion, up by more than 52.74 per cent year-on-year, and imported $6.875 billion, surging by 36.32 per cent compared to the same period in 2020.

Fibre2Fashion News Desk (DS)

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