Cambodia, UAE launch trade talks

Cambodia and UAE started the Comprehensive Economic Partnership Agreement (CEPA) negotiations yesterday aiming to expand trade networks and promote investment opportunities between the two countries.

Cambodia’s Minister of Commerce Pan Sorasak and UAE’s Minister of State for Foreign Trade Thani bin Ahmed al-Zeyoudi are set to sign a declaration at a ceremony in the Emirati capital Abu Dhabi, attended by senior officials and representatives of relevant ministries, institutions and the private sectors.

A Cambodia Chamber of Commerce (CCC) delegation led by its president Kith Meng is also visiting Abu Dhabi from October 23-27 to attend the ceremony, the Kingdom’s apex trade body said in an October 22 statement.

Kith Meng, while referring to the ongoing negotiations and highlighting the business opportunities in Cambodia, urged UAE investors to visit the Kingdom and explore the possibility of collaborating on projects.

“The country has achieved complete peace and pushed for deep reforms to improve the business environment and strengthen national competitiveness in world markets,” Meng said.

“Cambodia is one of the fastest growing economies in the region and its economic growth for 2022 is projected at around five percent. The Royal Government has launched a plan to revive the economy in the wake of the Covid-19 crisis and this will help the country to return to the annual growth of seven percent soon,” he pointed out.

At a joint press conference, Al Zeyoudi said that trade between the two countries grew by 40 percent in the first eight months of this year to $279 million, compared with the same period in 2021 and is expected to exceed $350m by the end of 2022.

“This week is going to see the first round of negotiations and based on that, we will evaluate how quickly we can move on,” the minister said. Al Zayoudi expects the deal between the two countries to be finalised in “three to six months’ time, maximum”.

Source: Khmer Times