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S Korea-Cambodia FTA talks to start in July

Jun '20
Pic: Shutterstock
Pic: Shutterstock
South Korea will launch negotiations for a free trade agreement (FTA) with Cambodia next month, aiming to increase its economic influence in Southeast Asia. Since the FTA proposal was raised in March last year as part of the government’s New Southern Policy, a joint feasibility study and related public hearing were completed recently, deputy prime minister and finance minister Hong Nam-ki said.

“...The government plans to complete the process, including submission of reports to the National Assembly and launch FTA negotiations in July,” he said.

Cambodia has been rising as a key trading partner for South Korea in recent years. Its exports to Cambodia surged by 5.5 per cent year on year to $696 million last year, while imports from the country increased by 6.8 per cent. Textiles and apparel comprise the main trading items.

Hong also vowed to make detailed announcements on government measures for global cooperation in the post-coronavirus era next month, which includes providing humanitarian aid worth $100 million, more than $400 million for the Economic Development Cooperation Fund and expanding financial support for multilateral development banks, according to South Korea media reports.

While South Korea has an existing FTA with the Association of Southeast Asian nations (ASEAN), it has been discussing agreements with individual member nations.

Fibre2Fashion News Desk (DS)

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