Cambodian deputy prime minister Hor Namhong recently met Russian ambassador to Cambodia Dmitry Tsvetkov in Phnom Penh and said both sides have vowed to raise bilateral trade and investment as the former aims to diversify its market by signing a free trade agreement (FTA) with the Eurasian Economic Union (EAEU), of which Russia is a member.

Other EAEU members are Armenia, Belarus, Kazakhstan and Kyrgyzstan. The bloc has a total market of 183 million people and a gross domestic product (GDP) of $5 trillion.

Singapore and Vietnam have also signed FTAs with the EAEU, while Indonesia, Malaysia and Thailand are reportedly interested as well. Namhong said talks are under way over 14 memoranda of understanding (MoU) that are expected to be signed soon, according to a report in a Cambodian newspaper.

Since 2015, both sides have signed 51 agreements to boost trade and investment. Last year, bilateral trade between the two countries reached $55.39 million.

In 2016, Cambodia and the EAEU signed an MoU to enhance cooperation in trade. However, as Cambodia is still in the World Trade Organisation’s least developed country classification, 46 Cambodian products can enter the EAEU market duty-free for the next three years.

Fibre2Fashion News Desk (DS)

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