Compass Cambodia report - On January 1, 2022, the "Cambodia-China Free Trade Agreement" and the "Regional Comprehensive Economic Partnership Agreement" (RCEP) took effect on the same day.
The spokesperson of the Cambodian Ministry of Commerce, Pen Sovicheat, said on the same day that these two agreements will become the main driving force for the expansion of Cambodia’s goods, services, and investment and trade, especially to provide additional markets for hundreds of new projects exported by Cambodia and to attract Foreign direct investment (FDI) and bring new job opportunities to the people.
He added that Cambodian exporters can apply for a certificate of origin (CO) to the Ministry of Commerce in accordance with the provisions of the agreement to obtain preferential treatment for exporting goods to the member states of the two agreements.
The entry into force of the "Cambodia-China Free Trade Agreement" means a new milestone in the development of bilateral economic and trade relations between Cambodia and China, which will help to enhance the well-being of the enterprises and people of the two countries.
On the 1st, the Chinese Embassy in Cambodia also sent a congratulatory message on its Facebook page, thinking that this is double happiness for the China-Cambodia trade.
The Chinese Embassy pointed out that on January 1, the China-Cambodia trade double happiness came! The "Free Trade Agreement between the Government of the People's Republic of China and the Royal Government of Cambodia" and the "Regional Comprehensive Economic Partnership Agreement" (RCEP) came into effect on the same day. The 2022 harvest year officially sets sail! "
It should be mentioned that, according to the arrangements of the Cambodia-China Free Trade Agreement, the proportion of zero-tariff products in the trade of goods between the two sides has reached more than 90%, and the commitment to open the service trade market also reflects the highest level they have given to their free trade partners.
At the same time, the two sides also agreed to strengthen investment cooperation and deepen cooperation in the "Belt and Road" initiative, e-commerce, economic technology, and other fields.
In addition, Cambodia also plans to negotiate a free trade agreement with other important trading partners, including the Eurasian Economic Union (EEU), India, Russia, Japan, and Mongolia.
Source: Compass Cambodia comprehensive arrangement
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