Hanoi (VNA) – The Republic of Korea (RoK) andCambodia have agreed to launch a joint feasibility study on their potentialfree trade agreement (FTA) in a move to promote economic ties and expandexchanges, the Korean Ministry of Trade, Industry and Energy said on November25.
"The FTA with Cambodia will become a crucial deal that helpsKorean firms penetrate deeper into the Southeast Asian nation with prominentgrowth potential," Korean Minister of Trade, Industry and Energy YooMyung-hee said.
During his official visit to Cambodia last March, Korean PresidentMoon Jae-in held talks with Cambodian Prime Minister Samdech Techo Hun Sen,during which they pledged to seek efforts to lift regulations in trade.
The two countries will carry out the joint study on the FTA forone year, the ministry said.
The RoK’s exports to Cambodia reached 660 million USD in 2018,more than doubling the figure of 294 million USD in 2008. The RoK’s importsalso surged to 314 million USD from 18 million USD in the reviewed period.
The RoK mainly exported knitted textiles, trucks and beverages toCambodia in 2018, while importing clothes and shoes.
Amid growing protectionism around the globe, the RoK has beenmaking efforts to expand economic ties with Southeast Asian nations and easeits heavy export dependency on China and the US, its two largest tradingpartners.
The East Asian country reached a preliminary agreement on theComprehensive Economic Partnership Agreement (CEPA) with Indonesia in October.
Earlier this month, ASEAN member states, the RoK and five otherpartner countries also reached a deal on the Regional Comprehensive EconomicPartnership (RCEP).
The RoK is also in the process of negotiations on FTAs with other nations,including Malaysia and the Philippines./.
"The FTA with Cambodia will become a crucial deal that helpsKorean firms penetrate deeper into the Southeast Asian nation with prominentgrowth potential," Korean Minister of Trade, Industry and Energy YooMyung-hee said.
During his official visit to Cambodia last March, Korean PresidentMoon Jae-in held talks with Cambodian Prime Minister Samdech Techo Hun Sen,during which they pledged to seek efforts to lift regulations in trade.
The two countries will carry out the joint study on the FTA forone year, the ministry said.
The RoK’s exports to Cambodia reached 660 million USD in 2018,more than doubling the figure of 294 million USD in 2008. The RoK’s importsalso surged to 314 million USD from 18 million USD in the reviewed period.
The RoK mainly exported knitted textiles, trucks and beverages toCambodia in 2018, while importing clothes and shoes.
Amid growing protectionism around the globe, the RoK has beenmaking efforts to expand economic ties with Southeast Asian nations and easeits heavy export dependency on China and the US, its two largest tradingpartners.
The East Asian country reached a preliminary agreement on theComprehensive Economic Partnership Agreement (CEPA) with Indonesia in October.
Earlier this month, ASEAN member states, the RoK and five otherpartner countries also reached a deal on the Regional Comprehensive EconomicPartnership (RCEP).
The RoK is also in the process of negotiations on FTAs with other nations,including Malaysia and the Philippines./.
VNA
