Cambodia-South Korea sign free trade deal
Cambodia and South Korea have ratified their free trade deal, supporting Cambodia’s exports of fruits to its Asian neighbour and promoting bilateral trade.
The move means that Cambodia will lift tariffs on 93.8% of the goods it receives from South Korea, and South Korea scrapping duties on 95.6% of goods coming the other way.
Cambodia’s Ministry of Commerce has already encouraged Korean investment in the country’s mango industry.
“The Ministry of Commerce is ready to support and facilitate business investment in Cambodia, especially by Korean investors, and will aid their cooperation with relevant ministries and institutions to complete the legal process,” said Minister of Commerce Pan Sorasak earlier in 2022.
A spokesperson for Cambodia’s Ministry of Commerce told the Khmer Times, the CKFTA will allow Cambodia to export fresh produce including peppers, bananas, cashew nuts, potatoes, pineapple, longan and more. Meanwhile, South Korea will be able to export agricultural machinery.