The Cambodia Korea Free Trade Agreement (CK FTA) which will be entering into force on the start of next month is expected to boost exports between the two countries and contribute to economic recovery.
Prime Minister Hun Sen while speaking at the 10th anniversary of the Regional Comprehensive Economic Partnership (RCEP) on November 2 said that while the Cambodia Korea CK FTA enters into force on December 2022, Cambodia is also continuing to examine the possibility of free trade agreements with other partner countries.
Pen Sovicheat, Undersecretary of State and spokesman for the Ministry of Commerce, confirmed that the Cambodia-Korea Bilateral Free Trade Agreement, in addition to boosting Cambodia’s exports, the agreement will also help increase the value of Cambodian goods in the international market, which in the future will make it easier for Cambodia to export to other countries.
According to a report by the Ministry of Commerce, in the first nine months of 2022, the trade volume between Cambodia and South Korea was worth more than $600 million, an increase of three percent compared to the same period in 2021.