Cambodia keen to sign MOU with South Korean customs

Post author:Mr Lee
Post published:January 28, 2023
Post category:Investment
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PHNOM PENH: Pan Sorasak, Cambodian Minister of Commerce, requested that the South Korean customs authorities sign a memorandum of understanding with Cambodian customs to promote better trade between Cambodia and South Korea.

On January 26, 2023, Pan Sorasak met with YOON Taesik, former Deputy Minister of Economy and Finance and Chairman of the South Korean Customs Authority, in Seoul, Korea.

H.E Pan Sorasak thanked the South Korean Customs Authority for inviting him to participate in the 41st International Customs Day working food program organized by the Korean Customs Authority.

The Minister also emphasized the significance of the Cambodia-Korea Free Trade Agreement, which entered into force in December 2022 and will significantly contribute to the promotion of trade, investment, and economic cooperation between the two countries.

Meanwhile, Minister Pan Sorasak urged the Korean Customs Authority to consider signing a memorandum of understanding with the General Department of Customs and the Cambodian Customs shortly to strengthen cooperation and provide additional coordination following the Covid-19 crisis.

The head of the Korean Customs Authority, YOON Taesik, thanked the minister for taking time out of his busy work schedule to attend and for allowing him to meet to discuss work.

He welcomed and supported the increasingly close cooperation between the customs authorities of the two countries. He stated that he would look into the possibility of the two countries signing a memorandum of understanding on customs shortly to boost trade and investment between the two countries.

According to a Korea International Trade Association report, bilateral trade between Cambodia and South Korea reached $920 million in the first ten months of 2022, a 16.3 percent increase year on year (KITA).

Cambodia exported $341 million in goods to Korea between January and October, a 20.7 percent increase over the same period last year. Cambodia imported $579 million in goods from the East Asian country, an increase of 8.1 percent year on year.