PHNOM PENH (Xinhua): Cambodia and the United Arab Emirates (UAE) on Thursday (June 8) signed a comprehensive economic partnership agreement aiming at boosting their bilateral trade and investment relations.
The pact was inked in Phnom Penh between Cambodian Commerce Minister Pan Sorasak and UAE Minister of State for Foreign Trade Thani Ahmed Al Zeyoudi under the presence of Cambodian Prime Minister Hun Sen.
Hun Sen said the free trade deal would provide Cambodia with larger market access to the UAE.
"The United Arab Emirates has a small population, but the country is a global trade and logistics hub," he said.
The Cambodian leader expressed his confidence that through the agreement, UAE investors will come to set up factories in Cambodia and export finished products back to their country with preferential tariffs.
Cambodia is supportive of globalisation and free trade. To date, the nation has achieved bilateral FTAs with China, South Korea, and the UAE, as well as mega FTAs under the Association of Southeast Asian Nations (Asean) and the Regional Comprehensive Economic Partnership (RCEP).