Cambodia and the United Arab Emirates yesterday announced the conclusion of talks on their Comprehensive Economic Partnership Agreement (CEPA) after three rounds of successful negotiations that started last December.
The ministers of commerce of the two countries signed an agreement on the CEPA talk conclusion via a virtual meeting.
Commerce Minister Pan Sorasak said that the CEPA covers trade, customs procedures and sanitation and phytosanitary, investment, digital trade, intellectual property, SMEs, dispute resolution mechanisms, and provisions for services.
The pact will contribute to strengthening bilateral relations through opening market channels more widely and provide more opportunities for investment for mutual benefits and deepening cooperation in other economic activities, he said.
The pact will help Cambodian products gain market access wider, he said.
Potential goods that Cambodia will gain market share include agricultural products, bicycles, electronic components and electric vehicles, he said.
Cambodia is exploring the export potential for various types of items including garments, footwear, and travel goods to the UAE.
The main service markets that Cambodia receives include professional and business services, construction and engineering services, and environmental services, he added.
The two sides will work together to sign the important agreement at an appropriate date this year.
The first round of talks took place in Dubai, followed by one each in Phnom Penh and Dubai.
Cambodia has two bilateral free trade agreements with China and Korea which came into force in 2022.
Lim Heng, vice president of the Cambodian Chamber of Commerce, said that the trade agreement will open wider markets to Cambodia-made products.
“It will explore bigger market access to Cambodian products, and we can also attract more investment to Cambodia,” Heng said.
Source: Khmer Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
