Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, this morning announced that the bilateral free trade agreement between Cambodia and South Korea will come into force in December this year.
The Premier made the announcement at the opening ceremony of the High-Level Forum on the 10th Anniversary of the Regional Comprehensive Economic Partnership (RCEP) Agreement, and the Official Launch of the Book on the Framework for Regional Integration by the Economic Research Institute for ASEAN 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 will especially help to accelerate the economic recovery of the two countries after the severe impact of the COVID-19 pandemic.
It will contribute to the promotion of long-term partnerships and strengthen economic partnerships, particularly market access, including the export of Cambodian products to South Korea.
Cambodia mainly exports footwear and other apparel, 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.
The bilateral trade between Cambodia and South Korea reached US$818 million in the first nine months of this year, up 13.8 percent compared to the same period last year, according to a report of the Korea International Trade Association (KITA).
Cambodia exported US$301 million worth of goods to South Korea, a 19.6 percent year-on-year increase.
Source: Agency Kampuchea Press