PHNOM PENH: Yesterday, H.E. Pan Sosak, Minister of Commerce and representative of the Royal Government of Cambodia, signed the “Bilateral Trade Enhancement” agreement with the Socialist Republic of Vietnam for the years 2023-2024.

The signing of the “Bilateral Trade Enhancement” agreement is consistent with the goal set in the 20th meeting of the Cambodia-Vietnam Joint Commission on Economic, Cultural, Scientific, and Technological Cooperation held in Hanoi, Vietnam earlier this year, indicating robust bilateral cooperation efforts to bolster economic ties and promote investments.

Moreover, this agreement aims to increase bilateral trade growth, which aligns with both countries' leaders' mandates and objectives. The agreement also aims to facilitate trade and boost exports and imports between the two nations, emphasizing the ASEAN Trade in Goods Agreement (ATIGA).

The Cambodian Ministry of Commerce and the Vietnamese Ministry of Industry and Trade expressed great optimism toward the recent bilateral trade facilitation agreement. They are committed to working together actively to positively affect producers, exporters, importers, and other related businesses. All parties involved aim to ensure the comprehensive and advantageous implementation of the agreement, optimizing the benefits that would come out of it.

According to provisional statistics from the General Department of Customs and Excise of Cambodia (GDCE), Cambodian exports reportedly increased by almost 21% in the first four months of 2023, and the Cambodia-Vietnam merchandise trade volume exceeded $2.4 billion.