Cambodia-China FTA Brings Much Benefits to Cambodia’s Agricultural Products
AKP Phnom Penh, July 28, 2020 —
Free Trade Agreement (FTA) with China will give benefits to Cambodia’s agricultural product exports to this world’s most populous country, removing tariffs up to 95 percent on 340 kinds of products.
When the FTA comes into effect, Cambodian products such as pepper, fruits, fishery products, and meat will be exported to China with tariff preferences, said H.E. Sok Sopheak, Secretary of State at the Ministry Commerce.
“China allows Cambodia to export some 340 kinds of products with tariff reduction of up to 95 percent, i.e. those products are required to pay only 5 percent of tariffs,” the secretary of state told a press conference held at the Office of the Council of Ministers this morning.
Cambodia and China concluded their FTA negotiations on July 20, 2020 after marathon talks began early this year.
The two countries planned to sign the FTA in Beijing, China, before Aug, 12, the deadline of partial withdrawal of EBA from EU. Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, will lead a delegation to witness the signing ceremony.
Under the FTA, China will export steel, spare parts, component, and machinery to Cambodia, underlined H.E. Sok Sopheak.
Last year, Cambodia exported about US$1,000 million worth of products to China and imported over US$6,000 million from China.
By Chea Vannak