Phnom Penh (FN), Sep. 20 – The Royal Government of Cambodia and the Government of South Korea are set to formally sign Cambodia-Korea Free Trade Agreement (CKFTA) in October 2021, following the conclusion of the negotiations between the two countries in February 2021.

Commerce Ministry’s spokesperson Pen Sovicheat told Fresh News Monday morning that if the COVID19 situation is at ease, the signing of the free trade agreement can be held physically.

“Like the Cambodia-China Free Trade Agreement, the CKFTA is another new effort and success of the Ministry of Commerce in exporting Cambodian goods to global markets," Sovicheat said.

The CKFTA aims to further strengthen economic partnership and further liberalise bilateral trade between the two economies in a mutually beneficial manner by creating more economic and social benefits for the peoples and businesses of both countries. Furthermore, both countries believe that this important bilateral agreement can facilitate a swift economic recovery for the two countries during and after COVID19 pandemic, according to the press release of Ministry of Commerce.

“This bilateral FTA covers Trade in Goods including Standards, Technical Regulations and Conformity Assessment Procedures, Sanitary and Phytosanitary Measures along with Trade Remedies, Rules of Origin, Customs Procedures and Trade Facilitation, Economic Cooperation, Transparency, Dispute Settlement, Exceptions, Institutional Arrangements and Final Provisions.”

“The CKFTA will further expand the market liberalisation between the two countries beyond the existing ASEAN-Korea FTA and the recently signed Regional Comprehensive Economic Partnership (RCEP). In particular, it will enhance Cambodian exports to the Republic of Korea including, but not limited to, garments and textiles, footwear, travel bags, spare parts, electronic equipment, rubber, and agricultural products. As for the Republic of Korea, this FTA will further improve its exports to Cambodia including, but not limited to, automobiles, electronics, appliances, beverages, pharmaceuticals, and plastic products.”