The part in relation to Cambodia under the ASEAN-Hong Kong free trade agreement (FTA) and Investment Agreement (IA) is set to take effect on February 12, according to Hong Kong’s Trade and Industry Department.
The Kingdom will be last country in which the two agreements enter into the force, following Indonesia on July 4 and Brunei on October 20, the department said in a press release, citing an unnamed government spokesman.
He said in the release: “Hong Kong enterprises and service providers will be able to enjoy the full benefits as committed to by all 10 ASEAN member states under the agreements. Their business opportunities in ASEAN markets will be greatly enhanced.”
“Hong Kong forged the FTA and the IA with ASEAN in 2017 and the agreements have entered into force gradually since June 2019.”
“The agreements are comprehensive in scope, encompassing trade in goods, trade in services, investment, economic and technical cooperation, dispute settlement mechanisms and other related areas.”
Pen Sovicheat, undersecretary of state at the Cambodian Ministry of Commerce, told The Post that internal procedures would be finalised soon, expressing hopes that the Kingdom will benefit from the Hong Kong market through the agreements.
He said: “We have already signed the agreements. We will formally issue a notification once internal procedures have been completed so that both parties can implement them immediately.