CCFTA Signed Under Witness of Cambodian PM and Chinese Foreign Minister
AKP Phnom Penh, October 12, 2020 —
The Kingdom of Cambodia and the People’s Republic of China signed here today, at around noon, their bilateral Free Trade Agreement (CCFTA) to further boost their trade exchange.
The CCFTA was signed by H.E. Pan Sorasak, Minister of Commerce of Cambodia, and his Chinese counterpart H.E. Zhong Shan.
Speaking at the function, both commerce ministers spoke highly of the CCFTA, stressing that it is a new milestone in the relations between the two countries.
H.E. Pan Sorasak said that the timely implementation of this agreement would provide economic and social benefits to the people of both countries in a mutually advantageous manner, while H.E. Zhong Shan said that China will keep close cooperation with Cambodia to push for the early entrance into force of the agreement.
CCFTA is Cambodia’s first FTA with a foreign country, which will not only promote bilateral trade, but also contribute to help Cambodia address the challenges in the post-pandemic era.
Both sides concluded their negotiations for a bilateral FTA in only six months, which shows the strong commitment of the two countries’ leaders to strengthen closer and broader relations. This CCFTA will bring about many economic and social benefits to the people of the two countries through the liberalisation of trade in goods and services, the promotion of comprehensive investment, as well as cooperation in a number of areas.
Besides CCFTA, three other important documents namely the Agreement on Economic and Technical Cooperation for Grant Aid Extension, the Exchange of Note for the Feasibility Study on the Project of Improvement Preah Sihanouk Provincial Referral Hospital, and the Exchange of Note for the Feasibility Study on the Project of the Municipal Sewerage System Development Project in Preah Sihanouk province were also signed on the occasion.
(Photo: Hun Yuthkun & Kok Ky)
By C. Nika