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Cambodia-South Korea FTA to come into force in next 60 days
Cambodia-South Korea free trade agreement promulgated in late January will come into force in the next 60 days.
King Norodom Sihamoni has signed into law the ratification of the Free Trade Agreement between Cambodia and South Korea on January 29, after it was cleared by the National Assembly and Senate.
Spokesman for the Ministry of Commerce Penn Sovicheat said yesterday that since the pact was promulgated, Cambodia and South Korea will inform each other.
“Now we will prepare documents through the Ministry of Foreign Affairs to inform South Korea that the legislative body and His Majesty promulgated the FTA so that the pact will come into force in the next 60 days,” he said.
The promulgation of the Law on the Approval of the Free Trade Agreement between Cambodia and South Korea paves the way for Cambodia and South Korea to fully implement free trade between the two countries.
A free trade agreement between Cambodia and South Korea was discussed and drafted by the two countries’ expert working group last year.
The agreement was officially signed via video by the Minister of Commerce of Cambodia Pan Sorasak and the Minister of Commerce of South Korea, Yeo Han-Koo on October 26.
The agreement will boost exports, increase gross domestic product, increase employment opportunities and help speed up the recovery of the two economies affected by Covid-19 by expanding trade liberalisation markets in addition to the ASEAN-Korea Free Trade Agreement (AKFTA) and the Regional Comprehensive Economic Partnership Agreement (RCEP).
The agreement will further boost Cambodia’s exports to South Korea, such as garments and textiles, footwear, bags, spare parts, electronics, rubber and agricultural products.
Lim Heng, vice-president of the Cambodia Chamber of Commerce, said yesterday that the trade agreement between Cambodia and South Korea is the best opportunity that will enable the governments of the two countries to promote trade exchanges as planned and through this trade promotion.
“The trade volume of the two countries will be able to increase significantly and Cambodia will be able to attract more foreign investors to contribute to increasing domestic potential, which will make the volume of Cambodia’s exports increase,” he said.
In addition to the Free Trade Agreement with the South Korea, Cambodia also has free trade with China and with economic partners in all areas of the RCEP.
Free trade agreements with China and RCEP partners have already entered into force.
Source: https://www.khmertimeskh.com/501018877/cambodia-south-korea-fta-to-come-into-force-in-next-60-days/