Illustrative image (Source: www.khmertimeskh.com) Phnom Penh (VNA) - The third round of negotiations between Cambodia and China for a free trade agreement has solved all remaining text issues and approved in principal the market access on goods and services, according to the Khmer Times.
A statement from the Cambodian ministry of commerce said the negotiation round focused on market access for goods, service, investment, economic and technical collaboration and regulation, which will push the export of goods from Cambodia and attract more investment from China.
The 10 technical working groups of both nations will seek approval from their respective government leaders concerning the agreement text and the request for market opening, among others, in order to close the deal and reach official signing by the end of the year.
The approvals from both leaders are expected to help Cambodia increase its exports by 20 percent per year.
In early May, Chinese Ambassador to Cambodia Wang Wentian said the Cambodia – China trade rose to 9.42 billion USD in 2019, not too far from their target of 10 billion USD set for 2023. Chinese investment in Cambodia last year reached 690 million USD, he added./.
VNA
