CKFTA boosts Cambodia and South Korea trade to next level

PHNOM PENH: In the first four months of 2023, the volume between Cambodia and South Korea amounted to $239 million, out of which Cambodia exported $91 million, indicating a 19.33% increase from the same period last year.

Fresh News confirmed on June 1, 2023, that His Excellency Pen Sovicheat, Secretary of State and Spokesperson of the Ministry of Commerce, attributed this growth to the implementation of the Cambodia-Korea Free Trade Agreement (CKFTA), which came into effect in December 2022.

H.E. Sovicheat highlighted that Cambodia exported high-quality parts and components, including car parts, wiring components, and more, to Korea. The CKFTA served as a crucial contributor to enhancing trade volume and enabling Cambodia to gain significantly from the agreement.

The CKFTA is Cambodia's second bilateral trade agreement, following the Cambodia- Bilateral Free Trade Agreement implemented in January 2022. Furthermore, Cambodia established RCEP agreements with 15 other countries, including the ten members of ASEAN and five other free-trade partners such as Australia, China, Japan, South Korea, and New Zealand.

The bilateral agreement between Cambodia and South Korea came into effect on December 1, 2022, and is anticipated to aid in promoting exports between the two countries and boosting economic recovery following the Covid-19 crisis and Russia-Ukraine tensions.

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