Cambodia eyes more bilateral free trade agreements

Illustrative image (Photo: xinhua/VNA)

Phnom Penh (VNA) – The Cambodian Government has been pushing for the establishment of more bilateral free trade agreements (FTAs) with main trade partners in order to expand export markets for its products.

The country's Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth said that the United Arab Emirates, India, Japan, Eurasian Economic Union (EAEU), Canada, and American Latin countries are in the plan for bilateral FTA negotiations.

Speaking at the Ministry of Commerce’s recent annual meeting, Aun Pornmoniroth asked the ministry to continue boosting the export of goods and service to the existing markets and expanding new markets.

The ministry has to conduct extensive consultations with stakeholders on the benefits from the bilateral trade agreements, he added.

Currently, Cambodia has two bilateral FTAs with China and the Republic of Korea, which came into force in January and December 2022, respectively.

The bilateral FTAs, along with the Regional Comprehensive Economic Partnership (RCEP) - a mega regional trade pact composed of 15 Pacific countries which entered into force on January 1, 2022, expand a wider market for Cambodian products, said Penn Sovicheat, Under-Secretary of State and Spokesperson at the Ministry of Commerce./.

VNA