Myanmar, Cambodia expedite talks on two trade cooperation deals

24 May '22

2 min read

Pic: Shutterstock

Citing low bilateral trade volume, Myanmar and Cambodia are expediting talks on two draft agreements to raise trade cooperation. Cambodian commerce minister Pan Sorasak recently called on the two sides for more discussions on economic and trade progress “within the regional and bilateral frameworks aimed at boosting trade volume and boosting economic recovery”.

He said this during a meeting between representatives of the Cambodian ministry of commerce and the Myanmar ministry of investment and foreign economic relations in Indonesia.

Myanmar minister of investment and foreign economic relations Aung Naing Oo agreed that the recent negotiations by Cambodia on the establishment of bilateral free trade agreements with China and South Korea are a sign of the latter’s success in building and expanding trade partnerships, according to a Cambodian newspaper report.

He said negotiations on the draft Cambodia-Myanmar investment agreement and the Double Taxation Avoidance Agreement between the two countries are being expedited.

Bilateral trade volume between both sides in the three years prior to the COVID-19 crisis totalled just $20 million. Annual bilateral trade between the two countries has remained tilted in Myanmar’s favour, increasing slightly more than two-fold between 2019 and 2020 to $28.2 million.

Cambodian imports from and exports to Myanmar in 2020 were to the tune of $24.93 million and $3.27 million respectively, the latter of which dipped marginally from 2019.

Fibre2Fashion News Desk (DS)

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