PHNOM PENH: Cambodia and the United Arab Emirates (UAE) have announced the conclusion of bilateral Comprehensive Economic Partnership Agreement (CEPA) negotiations. According to the AKP, the two countries’ commerce ministers signed an agreement on the conclusion of the CEPA talks via a virtual meeting yesterday.
According to H.E. Pan Sorasak, Cambodian Minister of Commerce, CEPA covers trade in goods, rules of origin, customs procedures and trade facilitation, sanitary and phytosanitary measures, trade barriers, trade in services, digital trade, intellectual property, economic and trade cooperation, SMEs, dispute resolution mechanisms.
“The pact will contribute to strengthening bilateral relations by broadening market channels and expanding opportunities for mutual benefit investment, as well as deepening cooperation in other economic activities,” he said.
The first and second rounds of talks were held in October and December 2022 in Dubai and Phnom Penh, respectively, with the third round held in February 2023 in Dubai.
Between January and August 2022, bilateral trade between Cambodia and the UAE increased by 40% year on year to around US$279 million.