Cambodia, South Korea agree to official FTA talks


PHNOM PENH, July 13 (Phnom Penh Post/ANN): Cambodia and South Korea have agreed to launch official negotiations for a bilateral free trade agreement (FTA).

The announcement comes more than a year after Prime Minister Hun Sen proposed to begin preparations for the FTA during his visit to South Korea in March last year.

The two countries signed a joint feasibility study on establishing the FTA last year. The study was carried out between November and May.

South Korean Minister of Trade, Industry and Energy Yoo Myung-hee said in a statement: “Amid the spread of Covid-19, it has become more important for South Korea to expand cooperation with Southeast Asian countries.

“We are pleased to launch FTA negotiations with Cambodia, which can potentially rise as the new hub of production and trade in ASEAN.

“The two countries will make efforts to come up with a meaningful result within this year.”

Phnom Penh and Seoul are expected to hold their first round of negotiations later this month, sources have said.

Bilateral trade volume between the two countries hit US$1 billion last year, gaining six per cent from 2018, data compiled by the Korea International Trade Association (Kita) show.

Cambodia exported US$336 million worth of goods to South Korea last year and imported US$697 million.

During a meeting with Cambodian residents in South Korea in February, Hun Sen said exports to South Korea mostly comprised of clothes, shoes, travel goods products, beverage, components for electronic equipment, rubber, medical and agricultural products.

Meanwhile, he said, Cambodia mainly imports vehicles, beverages, electronic equipment, home appliances, medical and plastic products.

The Kingdom is the 58th largest export destination for Asia’s fourth largest economy by gross domestic product (GDP). - The Phnom Penh Post Post/ Asian News Network
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Aseanplus News

Over S$44,000 for a week in S'pore to see F1? No sweat: Racegoers splurge for a weekend to remember
Asian markets drop again but sterling holds up after recovery
Harris gaffe lauds US alliance with... N.Korea
HK plans 500,000 plane-ticket giveaway to woo tourists: Local media
Senior Indonesian officials targeted by spyware last year: sources
Wife of Australian jailed in Myanmar pleads for his release
Thai court to decide if PM Prayut stays or goes
Vietnam's GDP up 13.67% in Q3 as manufacturing rebounds
Suu Kyi, Aussie jailed three years
Nod for first home-grown Covid-19 vaccine

Others Also Read