Cambodia exported $64.5 million worth of goods to South Korea in the first two months of this year, down 0.8 percent compared to the same months in the previous year.
According to the Korea International Trade Association, bilateral trade rose 22.7 percent at $195.2 million in the first two months of 2022.
From January to February, the Kingdom spent $130 million for importing products from the East Asia nation, surging by 39.1 percent compared to the same period last year.
The Cambodia-Korea Free Trade Agreement (CKFTA), the Kingdom’s second bilateral FTA after its deal with China, signed by the two countries last year, will materialise soon.
The CKFTA will provide more than 10,000 Cambodian goods duty-free access to South Korea, according to the Ministry of Commerce.
The agreement will boost exports, increase gross domestic product, raise employment opportunities and help speed up the recovery of the two economies affected by Covid-19. The countries can expand trade liberalisation markets in addition to the ASEAN-Korea Free Trade Agreement (AKFTA) and the Regional Comprehensive Economic Partnership Agreement (RCEP).
Vice President of the Cambodia Chamber of Commerce Lim Heng said on Wednesday that the close relationship of two governments and economic ties had built confidence in investors from South Korea to Cambodia, which helped increase the bilateral trade.
The CKFTA will be another factor to attract more Korean investors to the Kingdom, Heng said.
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Author: Chea Vanyuth
Source: Khmer Times
Publication date: 17 March 2022