PHNOM PENH: The Royal Government of Cambodia has been pushing for the establishment of more bilateral free trade agreements (FTAs) with main trade partners in order to access wider markets for Cambodia-made products.
Arab Emirates, India, Japan, Eurasian Economic Union (EAEU), Canada, and American Latin countries are in the plan for bilateral FTA negotiations, said H.E. Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance.
At the closing ceremony of the Ministry of Commerce’s annual meeting early this week, he asked the ministry to continue boosting the export of goods and services to the existing markets and expanding new markets.
The ministry has to conduct extensive consultations with stakeholders on the benefits of the bilateral trade agreements, he added.
Currently, Cambodia has two bilateral FTAs with China and Korea, which came into force in January and December 2022, respectively.
The bilateral FTAs along with the Regional Comprehensive Economic Partnership (RCEP), a mega-regional trade pact composed of 15 Pacific countries, which entered into force on Jan. 1, 2022, expand a wider market for Cambodian products, said H.E. Penn Sovicheat, Under-Secretary of State and Spokesperson at the Ministry of Commerce.
“When we have bilateral free trade agreements with many developing countries such as China, it is a positive sign for our economy and products,” he stressed.