Free Trade Agreement with China expected by early next year
Khmer Times - 9 July 2021
Free Trade Agreement with China expected by early next year
By Michael Firn
The Free Trade Agreement (FTA) between Cambodia and China has received unanimous support from the National Assembly’s expert committee and is likely to come into force next year.
The Ministry of Commerce will now submit a draft law to the full National Assembly for approval.
Minister of Commerce, Pan Sorasak held a video meeting with Nin Saphon, Chairwoman of the Ninth Committee of the National Assembly last week to review the draft law and discuss ways of ensuring it will come into force by early 2022.
Sorasak emphasised the benefits of an FTA, including its providing better market access for vegetables, fruits and other agricultural products along with handicrafts and other goods.
He said that Cambodia has the ability to produce products that comply with China’s rules and hygiene standards and train highly skilled staff to strengthen the Kingdom’s service sector.
He added that the FTA would provide more investment for Cambodia, giving opportunities to local businesses who want to expand the market for services and goods and increase exports to China and noted that companies will benefit from the transfer of technology, knowledge and new skills.
The deal with China also has the potential to attract foreign capital from elsewhere, by strengthening domestic production and improving the investment climate, according to the minister.
