Cambodia and South Korea will start the third round of their negotiations on free trade agreement (FTA) this week to outline details of chapters to boost trade, according to the Ministry of Commerce.
The three-day virtual meeting will be held on Oct. 6, as the two countries aim to finalise the draft pact before the year end.
The talks came after Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, proposed the bilateral free trade pact during his summit with South Korean President H.E. Moon Jae-in in Phnom Penh in March 2019.
The two countries held the first round of their negotiations in July this year while the second round from Aug. 31 to Sept. 2.
At least two more rounds of FTA negotiations are needed to finalise the pact before the end of 2020, H.E. Seang Thay, Under Secretary of State at the Ministry of Commerce said in early September.
The two-way trade between both nations reached an all-time high of US$1 billion in 2019, up 6 percent from a year earlier, according to South Korea’s Yonhap News Agency.
South Korea mostly exports cargo trucks, drinks and textiles to Cambodia while importing clothes and shoes from the Kingdom.
When the pact is signed, Cambodia will be added to South Korea’s list of separate FTA partners in Southeast Asia, which currently covers Vietnam and Singapore, according to South Korea’s state news agency -Yonhap.
Source: Agency Kampuchea Press