Cambodia, Korea laud FTA for rising bilateral trade
Cambodia, Korea laud FTA for rising bilateral trade
Cambodia and Korea held their first meeting of the Cambodia-Korea Free Trade Agreement Joint Committee (CKFTA JC), by noting the progress of trade between the two countries.
The meeting was co-chaired by Cham Nimul, Minister of Commerce and Cheong Inkyo, Minister of Trade of the Republic of Korea, in Seoul on Monday.
The Cambodian delegation that joined the meeting consisted of officials from relevant ministries and institutions including the Ministry of Economy and Finance and General Directorate of Customs and Excises.
In the meeting, both sides noted the remarkable results of the CKFTA implementation and expressed the desire to work further on trade cooperation between the two countries.
Nimul shared her optimism that the bilateral trade between the two countries will continue to increase steadily.
“The Cambodia-Korea Free Trade Agreement will become an important mechanism to promote more trade and investment cooperation,” Nimul said.
The first CKFTA JC was organized to discuss and follow up the progress of trade relations between Cambodia and the Republic of Korea in the wake of the Free Trade Agreement between the Royal Government of Cambodia and the Government of the Republic of Korea came into force on December 1, 2022.
With South Korea agreeing to remove tariffs on 95.6 percent of products imported from Cambodia, and Cambodia to axe duties on 93.8 percent of imported goods, trade between the two countries is expected to hit new levels.
Figures from the General Department of Customs and Excise of Cambodia showed that the bilateral trade between Cambodia and Korea rose by 7.4 percent to $256 million in the first four months this year.
Cambodia’s export to Korea rose by 8.4 percent to $98.2 million while imports totalled $158 million, up 6.7 percent, read the report.
Cambodia mainly exports footwear, apparel, travel products, beverages, electrical and electronic components, rubber, pharmaceuticals and agricultural products to South Korea.
The Kingdom imports vehicles, electronics, kitchen appliances, beverages, pharmaceuticals and finished plastics and products from Korea.
