Cambodia, South Korea Launch Second Round of FTA Talks
AKP Phnom Penh, September 01, 2020 —
Cambodia and South Korea have launched the second round of their negotiations on free trade agreement (FTA) this week, another move to finalise the pact before the end of this year.
The two countries are holding a four-day virtual meeting from Aug. 31 to Sept. 3 to discuss more toward the bilateral FTA, according to Cambodia’s Ministry of Commerce.
During the meeting, both sides exchanged opinions on market access and set the traded goods and procedures to enhance the trade activities of the two countries, H.E. Seang Thay, Secretary of State at the Ministry of Commerce, told AKP on Tuesday.
The two countries held the first round of FTA negotiations in July this year.
The talks came after Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, proposed the bilateral free trade pact during his summit with South Korean President H.E. Moon Jae-in in Phnom Penh in March 2019.
At least two more rounds of FTA negotiations are needed to finalise the pact before the end of 2020, H.E. Seang Thay said.
The bilateral trade volume between the two countries reached an all-time high of US$1 billion in 2019, up 6 percent from a year earlier, according to South Korea’s Yonhap News Agency.
Cambodia exported US$336 million worth of products to South Korea and imported US$697 million from the country.
Cambodia is South Korea’s 58th-largest export destination.
By Chea Vannak