Cambodia-Korea Free Trade Agreement to enter into force in December
Hun Sen, Prime Minister of the Kingdom of Cambodia, announced yesterday morning that the bilateral free trade agreement between Cambodia and South Korea will enter into force in December this year.
The Prime Minister made the announcement during the opening ceremony of the High Level Forum on the occasion of the 10th anniversary of the Regional Comprehensive Economic Partnership (RCEP) Agreement and the official launch of the framework book. regional integration by the ASEAN Institute of Economic Research. and East Asia (ERIA).
Being Cambodia’s second bilateral FTA after China, the agreement will be a major driving force in boosting trade and investment flows between Cambodia and South Korea with mutual benefits, and in particular contribute to accelerating economic recovery. of both countries after the severe impact of the covid19 pandemic.
It will contribute to the promotion of long-term partnerships and strengthen economic partnerships, including access to markets, including the export of Cambodian products to South Korea.
Cambodia mainly exports shoes and other garments, travel goods, beverages, electrical and electronic components, rubber, pharmaceuticals and agricultural products to South Korea.
The Kingdom imports vehicles, electronics, kitchen appliances, beverages, pharmaceuticals and plastic products.
Bilateral trade between Cambodia and South Korea reached $818 million in the first nine months of this year, up 13.8 percent from the same period last year, according to a report by the Korea International Trade Association (KITA).
Cambodia exported $301 million worth of goods to South Korea, a year-on-year increase of 19.6 percent. AKP-Chea Vannak
- Key words: Free Trade Agreement with Korea