PHNOM PENH: According to a report from the Ministry of Commerce, bilateral trade between Cambodia and the UAE will reach $400 million by 2022, up roughly 30% from 2021, and the Cambodia-UAE CEPA is expected to be extended to further accelerate growth.

The announcement was made during the third round of negotiations between the Kingdom of Cambodia and the United Arab Emirates on the Comprehensive Economic Partnership Agreement in Dubai, United Arab Emirates.

Her Excellency Tek Reth, Secretary of State of the Ministry of Commerce and Chair of the Cambodian Trade Negotiation Group, and H.E. Juma AI Kait, Deputy Minister for International Trade and Chair of the UAE Trade Negotiation Team, attended the opening round of the third round of Cambodia-UAE CEPA negotiations, which will be held for three days in Dubai, United Arab Emirates, from February 20 to 22, 2023, with the presence of both sides’ negotiating teams.

The two sides agreed to complete the third round of negotiations on the Cambodia-UAE CEPA and reach a formal closing conclusion as soon as possible. The two sides also agreed that the Cambodia-UAE CEPA will be a driving force in the two countries’ comprehensive cooperation, promoting national economic growth, sustainable development, and environmental protection.

Based on the progress made since the second round of talks, both parties believe that negotiations on the text of the CAM-UAE CEPA can be completed in the third round.

Negotiations on market opening will be completed at the next inter-meeting, allowing both parties to announce the conclusion of negotiations in the near future.