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Cambodia-Korea FTA Law promulgated by King Norodom Sihamoni
08 Feb '22
1 min read
Pic: Shutterstock
Cambodia’s King Norodom Sihamoni recently signed into law the ratification of the free trade agreement (FTA) between Cambodia and South Korea after it was cleared by the National Assembly and Senate. The agreement will boost exports, increase gross domestic product and jobs, and help boost recovery of the two economies affected by the COVID-19 pandemic.
The agreement will further boost Cambodia’s exports to South Korea like garments, textiles, footwear, bags, spare parts, electronics, rubber and agricultural products.
The FTA would expand trade liberalisation in markets in addition to the ASEAN-Korea Free Trade Agreement (AKFTA) and the Regional Comprehensive Economic Partnership Agreement (RCEP).
The FTA was discussed and drafted by the two countries’ expert working group in 2021. It was officially signed via a video conference by the Cambodian minister of commerce Pan Sorasak and his South Korean counterpart YEO Han-Koo on October 26 last year.
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