Phnom Penh (FN), April 28 – Cambodia-China signed Memorandum of Understanding (MoU) on exporting 400,000 tons of Cambodian rice to China.
The signing ceremony held in Beijing on Sunday was presided over by Cambodian Prime Minister Hun Sen and Li Keqiang, Premier of the State Council of the People’s Republic of China.
The MoU was signed between Cambodian Minister of Commerce Pan Sorasak and Major Chinese grains trader COFCO Corp chairman Lu Jun.
The new MoU’s term will last from August 2019 to late December 2020, effective immediately after the two parties successfully implemented the first MoU signed on 11 January 2018 on 300,000 tons quota, according to minister of commerce.
The two parties will establish a Joint Business Control Mechanism to monitor the implementation of MoU quarterly to address emerging challenges.
In 2018, Cambodia exported 626,225 tons of rice to international markets, having China as the largest importer, 170,000 tons, followed by France 90,000 tons, and Malaysia 40,000 tons.
Cambodian Prime Minister Hun Sen departed Phnom Penh this Thursday morning to attend the 2nd Belt and Road Forum for International Cooperation and a series of events and meetings in Beijing from 25 to 29 April 2019 at the invitation of Chinese President Xi Jinping.