“An agreement will strengthen the traditional friendship between the two countries and enhance growing bilateral relations,” Cambodian commerce minster Pan Sorasak was quoted as saying by local media reports.
The UAE will host the third round of the Cambodia-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) talks in 2023. The plan for the next round of talks was finalised at the second CEPA session that was recently held in Phnom Penh. The UAE accounts for 77 per cent of the total trade volume of Cambodia with the Middle East.
“The latest talks in Phnom Penh made clear progress in several areas,” Cambodia’s commerce ministry stated. The Southeast Asian country is exploring the export potential for various types of items including garments, footwear, and travel (GFT) goods to the UAE.
The UAE accounts for 77 per cent of the total trade volume of Cambodia with the Middle East. During January–August 2022, bilateral trade between the UAE and Cambodia jumped 40 per cent year-on-year to around $279 million.
In addition to the UAE, Cambodia is also extending its trade relationships with other countries via bilateral ties. Along with being involved in the Regional Comprehensive Economic Partnership (RCEP) agreement, Cambodia has also inked Free Trade Agreements with South Korea and China.
Fibre2Fashion News Desk (NB)