PHNOM PENH: Cambodia’s bilateral trade with the Republic of Korea saw a positive trajectory in 2024, reaching a total value of US$762 million, an 11.49% increase from the previous year. Cambodian exports to Korea also experienced growth, reaching US$288 million, a 13.77% rise.
The first meeting of the Cambodia-Korea Free Trade Agreement Joint Committee (CKFTAJC), held in the Republic of Korea, marked a significant step in strengthening trade relations between the two nations.
The committee approved rules of procedure and reviewed the recommendations of three sub-committees focusing on trade in goods, rules of origin, and economic cooperation. The committee emphasized the importance of regular meetings and public awareness campaigns to maximize the benefits of the agreement.
The Joint Committee agreed to initiate negotiations on trade, services, and investment. The second Joint Committee meeting is scheduled to take place in Cambodia in 2025.
Furthermore, a meeting with the President and CEO of the Korea Trade and Investment Promotion Agency was held, with both sides agreeing to enhance cooperation in areas such as digital technology, electronics, vehicles, agricultural processing, and food.
In 2023, bilateral trade between Cambodia and Korea reached US$751.38 million. Cambodian exports to Korea amounted to US$281.14 million, a 20.3% increase, while Korean imports into Cambodia decreased by 13.8% to US$470.25 million.