Free Trade Agreement Cambodia

China and Cambodia signed a free trade agreement (FTA) between the two countries on October 5, 2020. The agreement was practically reached between Cambodian Trade Minister Pan Sorasak and Chinese Commerce Minister Zhong Shan. Cambodian Premier Samdech Techo Hun Sen and China`s State Council and Foreign Minister Wang Yi were also present to attend the signing. According to the Cambodian Ministry of Foreign Affairs, other agreements include plans to upgrade hospital and drainage infrastructure in the coastal city of Sihanoukville. China has also announced an additional $140 million in aid, according to Fresh News. The Ministry of Commerce (MOFCOM) announced that on October 12, Commerce Minister Zhong Shan and Pan Sousa`s Cambodian Minister of Commerce announced that the Chinese and Cambodian authorities in Beijing and Cambodia Phnom Penh and formally signed the Free Trade Agreement between the Government of the People`s Republic of China and the Royal Government of Cambodia (hereinafter referred to as the Cambodia Free Trade Agreement). Cambodian Prime Minister Hun Sen and the State Council and Foreign Minister Wang Yi attended the signing of the agreement in Phnom Penh. The deal, which he hoped would enter into force early next year, « would offer stronger economic partnerships by increasing market access, liberalization of goods, services and investment, » he said. It is also an important milestone in bilateral economic and trade relations and aims to promote the development of bilateral relations to a new level and bring more benefits to Chinese and Cambodian enterprises and people. The agreement is expected to be ratified by the governments of both countries early next year, so that it enters into force as soon as possible. PHNOM PENH — China and Cambodia signed a free trade agreement Monday at a ceremony in Phnom Penh, attended by Chinese Foreign Minister Wang Yi. Trade between the two countries was estimated at more than $7.4 billion in 2018, with China recording a trade surplus of more than $6 billion.

Through the free trade agreement, the two countries want to increase bilateral trade to $10 billion by 2023. The negotiation and signing of the China-Cambodia Free Trade Agreement is an important consensus reached by the leaders of the two countries. The two sides began negotiations in January 2020. After 7 months and 3 rounds of formal negotiations, they announced the conclusion of the negotiations on July 20, 2020. . .