South Korea and Cambodia on Friday agreed to boost bilateral trade and investment by making full use of free trade agreements, the industry ministry in Seoul said.
According to the Ministry of Trade, Investment and Energy, Seoul’s Trade Minister Ahn Duk Geun, Cambodia’s Commerce Minister Ban Sorasak, and government and business officials from both countries came together at a business and investment forum in Seoul. A discussion took place. .
The bilateral free trade agreement (FTA), which entered into force on December 1, 2022, calls for a higher level of market opening than the existing Korea-ASEAN FTA and Regional Comprehensive Economic Partnership (RCEP) multilateral trade agreements. ing. Said.
RCEP is a regional trade agreement covering ten ASEAN countries and their five dialogue partners (South Korea, China, Japan, Australia and New Zealand).
“The bilateral agreement has laid the foundation for expanding bilateral trade in a wide range of fields, including textiles, clothing, automobiles, machinery, agricultural products and seafood,” Ahn said at the forum.
“The two countries will be able to further strengthen their cooperation in the digital economy, clean energy and various other fields to advance Cambodia’s industrial structure and jointly achieve the goal of net zero,” he added. .
Ahn also said South Korea would support Cambodia’s technological development through its official development assistance program.
According to government data, bilateral trade will reach $1.05 billion in 2022, up from $54 million in 1997 when the two countries re-established diplomatic ties.
They first established diplomatic ties in 1970, but ties broke off in 1975 when Cambodia became communist. union