Illustrative image (Photo: phnompenhpost.com)Phnom Penh (VNA) - A free trade agreement (FTA)between Cambodia and China is expected to be finalised in November in a move toboost trade between the two countries, the Phnom Penh Post reported.
During bilateral talks from January 20-23 last year in Beijing, CambodianPrime Minister Hun Sen and his Chinese counterpart Li Keqiang greenlighted afeasibility study on the potential free trade agreement which aims to boost bilateraltrade to 10 billion USD by 2023.
The first round of negotiations was presided over by Secretaryof State of the Cambodian Ministry of Commerce Sok Sopheak and Chinese AssistantMinister of Commerce Ren Hongbin.
Earlier this week, PM Hun Sen encouraged all stakeholders toincrease production capacity and expand products in order to boost exports toChina before the FTA comes into force.
Late last month, Deputy Secretary General of the GarmentManufacturers Association in Cambodia Kaing Monika said the moves towards anFTA come at a crucial time for Cambodia.
It is the right time for Cambodia to start looking atnegotiating FTAs with various countries and blocs, he said.
Cambodia is expected to graduate from the UN’s Least DevelopedCountries status in the next five to six years, after which the country willlose the trade preferences provided by many developed countries, Monika added.
He noted that Cambodia participates in a very limited number ofFTAs as compared with other countries in the Association of Southeast AsianNations (ASEAN).
Cambodia needs to target more bilateral FTAs, and China isindeed the country’s greatest potential partner, he said./.
VNA
