Cambodia looks to free trade deal with EAEU

ASEAN+ March 25, 2019 01:00

By THE PHNOM PENH POST
ASIA NEWS NETWORK
PHNOM PENH

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CAMBODIA is negotiating a free trade agreement (FTA) with the Eurasian Economic Union (EAEU), a common market comprised of five nations of the former Soviet Union, hoping the new market will maintain the Kingdom’s economic growth.



The EAEU – comprised of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, with 183 million people and a combined GDP of $2.2 trillion (Bt70 trillion) – would be a new market for Cambodian firms.

Speaking to reporters in a seminar to promote EAEU trade preferences to Cambodia, Ministry of Commerce secretary of state Tek Reth Kamrong said the EAEU has provided tariff-free access for 46 Cambodian products for three years due to the Kingdom’s Least Developed Countries (LDC) classification.

Though preferential status will last until Cambodia has graduated from its LDC rank, Reth Kamrong said the negotiation for an FTA with the bloc is a good initiative.

“When we can open the new market and expand it, we can ship more products abroad. Every new market is always a potential and to obtain a successful trade agreement, and effort is needed from all stakeholders, including government institutions and the private sector,” she said.