The Kingdom of Cambodia and the Republic of Korea officially signed the Free Trade Agreement (FTA) via videoconference this morning, a move that the Kingdom expects to draw in new investment and businesses from the East Asian country and to boost its exports.
The virtual signing ceremony took place under the presidency of H.E. Pan Sorasak, Minister of Commerce of Cambodia and his South Korean counterpart H.E. Yeo Han-koo.
The two countries ended the FTA drafting in February this year.
The Cambodia-Korea Free Trade Agreement (CKFTA) will open wider market for Cambodia’s products, the Ministry of Commerce said.
CKFTA will enter into force 60 days after both sides inform each other by diplomatic mean of the completion of internal procedures for ratification, it underlined.
CKFTA is the second bilateral FTA for Cambodia after the Cambodia-China FTA which has been endorsed recently.
The bilateral trade between Cambodia and South Korea was valued at US$885 million in 2020, an 18 percent decrease compared to a year before, according to Korea International Trade Association.
