Seoul signed an agreement with Phnom Penh in February this year to put together domestic procedures, including parliamentary approval.
According to the ministry, South Korean trade minister Yo Han-ku and Cambodian counterpart Pan Sora-sak signed the agreement at a virtual ceremony.
South Korea and Cambodia have signed a free trade agreement to deepen economic relations, said the former Ministry of Trade, Industry and Energy.Under the assumed Regional Comprehensive Economic Partnership, Cambodia will raise tariffs of 93.8% on all traded products and South Korea will eliminate tariffs on 95.6% on all items.
RCEP is a regional trade agreement that covers 10 ASEAN countries and five dialogue partners: South Korea, China, Japan, Australia and New Zealand. South Korea is currently awaiting parliamentary approval.
South Korea’s main exports to Cambodia include automobiles, machinery, textiles and agricultural and marine products. We mainly import textiles and agricultural products from Southeast Asian countries.
“Cambodia is a hub in the region and has great economic growth potential, so FTAs are expected to facilitate access to the Mekong River market and strengthen the value chain,” the ministry said in a statement. I have. “
Fiber2Fashion News Desk (DS)
South Korea signs free trade agreement with Cambodia
Source link South Korea signs free trade agreement with Cambodia