Fourth round of Cambodia-South Korea FTA opens

Cambodia and South Korea on November 18 kicked off the fourth round of negotiations on a bilateral free trade agreement (FTA), which is expected to boost bilateral trade and investment once it enters into force.

Ministry of Commerce spokesman Seang Thay told The Post that the talks would conclude two days later on November 20.

A South Korean Ministry of Trade, Industry and Energy official was quoted as saying: “A free trade deal with Cambodia would provide South Korean companies with a wider access to the rapidly growing Southeast Asian market.”

Ministry of Commerce spokesman Pen Sovicheat said the two sides continued to scrutinise over the more technical aspects of the agreement to ensure mutual benefits.

“Our hopes are high that the agreement will help iron out some of the challenges related to tariff barriers and non-tariff barriers [NTM],” he said.

According to him, the Kingdom expects the FTA to buoy exports of processed agricultural products, live animals, textiles, garments and miscellaneous components to the South Korean market.

“We look forward to enjoying accelerated trade flows and improved market conditions following the conclusion of negotiations,” said Sovicheat.

Exports of Cambodian mangoes to South Korea began in January after Korean authorities approved shipments of the fruit.

https://www.phnompenhpost.com/business/fourth-round-south-korea-fta-opens

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