Cambodia and the Republic of Korea have launched their negotiations for Free Trade Agreement (FTA).
The launch of FTA negotiations took place on July 9 via a videoconference. The Cambodian side was led by H.E. Pan Sorasak, Minister of Commerce while the Korean side was headed by H.E. Mrs. Yoo Myung-Hee, Minister for Trade.
Before reaching this stage, both sides have discussed many times via videoconferences and gone through many steps: first, a joint study on possibly to establish the bilateral FTA, second elaboration of joint negotiation principles, and third request for agreement in principle from their respective governments, according to the Cambodian Ministry of Commerce.
Cambodia-S. Korea FTA will be a catalyst to strengthen political and economic ties, increase trade exchange and investment, boost GDP growth as well as enhance institutional cooperation between the two countries, it underlined.
In 2019, the two-way trade reached US$1.03 billion, up 254 percent from only US$292 million in 2009. The figures showed an average increase of approximately 15 percent annually during the past ten years.
Source: Agency Kampuchea Press