Cambodia and South Korea to hold the fourth round of FTA negotiations.
From 18 to 20 November 2020, Cambodia and South Korea will hold their fourth official negotiation of the Free Trade Agreement (FTA).
Both countries previously had three rounds of negotiations on the FTA with the goal to finalise the draft by the end of this year. The first round was in July, followed by a second round from 31 August to 2 September and the third round in October.
During the fourth meeting, Cambodia and South Korea will seek settlement on the general rules, country of origin, customs clearance and trade facilitation and concessions on access to the product market.
Who will be joining?
Korean representatives from the Ministry of Trade, Industry and Energy, Ministry of Economy and Finance, Ministry for Food, Agriculture, Forestry and Fisheries, Ministry of Oceans and Fisheries, Korea Customs Service and Korea Forest Service will participate.
The attending representatives from Cambodia include Ministry of Commerce, Ministry of Economy and Finance and Deputy Minister of Commerce, Sim Sokheng.
How will the agreement benefit?
The FTA between Cambodia and South Korea will offer a better opportunity for Cambodia to launch its products and export into the Korean market. This includes textile materials, clothing, shoes, beverages, rubber, medical products, components for electronic equipment and agricultural products.
Additionally, the agreement will increase employment and investment opportunities and promote export that will contribute to the economic growth of both countries.
The FTA will also strengthen the relationship between Cambodia and South Korea and promote bilateral trade agreements.