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Cambodia is negotiating free trade with eight countries besides China

2020-07-30
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Summary:Cambodia is negotiating free trade with eight countries besides China to boost trade and increase exports.

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Cambodia is negotiating free trade with eight countries besides China to boost trade and increase exports.

HE Sok Sopheak, Secretary of State of the Ministry of Commerce, affirmed that Cambodia is not only ambitious to have free trade negotiations with China, but that Cambodia is currently negotiating with eight other countries, including South Korea, Japan, India, Australia, New Zealand, the United States,Canada and United Kingdom. In particular, Japan, the United States and the United Kingdom are countries with large markets and potential that Cambodia seeks to establish trade agreements with.

He added that Cambodia is trying to conclude negotiations with South Korea in the technical framework by the end of 2020 and plans to reach an agreement in early 2021 if nothing changes.

He added that the free trade agreement was negotiated because the Royal Government saw its own interests. We export to them for profit and they come to invest or import back to Cambodia which also get profitable, we can say to complete the lack points for each other.

"Actually, our ambition is not just with China, but is also with Japan, South Korea(which we called Republic of Korea), India, Australia, New Zealand, while we are seeking to do it with the United States, Canada, then with United Kingdom. If UK leaves Europe, we can export to UK 25 percent of our exports to Europe Because the British market is not small, it is very large,"he said.

"But for Korea, we have already announced this month that if the working group negotiates, and in that program we will conclude the main parts this year, so we will be able to review more technical issues.By the beginning of 2021, we will be able to finalize and sign if the situation is normal, because both governments are seeing the same interests,"he added.

He stressed that a free trade agreement is an agreement between countries with another country to promote the free exchange of goods, trades and services, without being obstructed by tariff barriers and other obligations. In general, the free trade agreement is aimed at promoting trade between each other to boost economic growth.

Economists argue that negotiating a free trade agreement is not easy because many issues are discussed and take a long time.

It should be noted that the Royal Government of Cambodia and China recently signed a free trade agreement to make it more convenient for Cambodia to export more goods to China, regardless of the owner of small or large products such as agricultural products and many other finished products to the Chinese market.Under the agreement, Cambodia expects exports to China to grow by more than 20 percent last year, and other foreign investment growth will also increase significantly.AKP

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