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Cambodia, Vietnam sign trade enhancement pact
Cambodia and Vietnam signed a trade enhancement agreement to increase economic cooperation between the two countries.
On June 2, Pan Sorasak, Minister of Commerce, and Nguyen Hong Dien, Minister of Industry and Commerce of Vietnam, virtually signed a memorandum of understanding (MoU) on trade and economic cooperation. The signing ceremony was attended by relevant officials from both ministries.
Sorasak praised the long-standing and close relationship between Cambodia and Vietnam. He said this relationship is an important foundation for cooperation in all areas, especially economic, trade, and investment. He expressed hope that the two countries will continue to work together to strengthen their ties and achieve mutual benefit.
The minister recalled that the bilateral trade enhancement agreement was initiated in 2005, under the guidance of the leaders of both countries. The agreement aims to develop a preferential tariff policy for goods originating in Cambodia and Vietnam.
“The signing of the bilateral trade enhancement agreement today reflects the excellent bilateral cooperation between our two countries. This agreement will further strengthen our economic ties, promote investment, and increase bilateral trade. I am confident that this agreement will help our two countries achieve the high goals set by our leaders,” Sorasak said.
The Vietnamese minister also spoke of the long-standing friendship and comprehensive relations between the two countries. He particularly highlighted the Cambodia-Vietnam Joint Statement, which was initiated to formulate favourable policies on customs duties for goods originating in both countries.
The Vietnamese Minister of Industry and Trade stressed the importance of signing and implementing the agreement to further boost trade, especially in agricultural and industrial goods.
“The bilateral trade enhancement agreement between the two governments for 2023-2024, which has now been signed, is an important document for businesses and exporters and importers, and will also help boost the import and export of goods between countries in addition to the agreement within the framework of the ASEAN Trade in Goods Agreement,” Nguyen Hong Dien said.
The two sides expressed great optimism about the bilateral trade facilitation coordination, stating that the Ministry of Commerce and the Ministry of Industry and Trade of Vietnam will actively work together to promote to producers and export and import companies for boosting the implementation and maximize the benefits of the bilateral trade enhancement agreement.
Trade between Cambodia and Vietnam amounted to $2,430 million in the first four months of this year.
Source: https://www.khmertimeskh.com/501301992/cambodia-vietnam-sign-trade-enhancement-pact/