Cambodia-Korea FTA to Come into Force Next Month

The Ministry of Commerce and the Embassy of the Republic of Korea in Phnom Penh on Thursday co-organised a workshop on dissemination of the benefits and export procedures to local exporters under the Cambodia-Korea Free Trade Agreement (CKFTA).

The workshop was opened under the presidency of H.E. Pan Sorasak, Minister of Commerce, and H.E. Hyuk-Sang Lee, First Secretary of the Korean Embassy, with some 200 representatives from Cambodia Chamber of Commerce, Textile, Apparel, Footwear & Travel Goods Association in Cambodia, and Korea Trade-Investment Promotion Agency in attendance.

The CKFTA is scheduled to come into force next month, H.E Pan Sorasak said in the workshop.

“The CKFTA, which will enter into force on Dec. 1, 2022, will increase trade volume between the two countries and create more new export opportunities,” he said.

The workshop is aimed to disseminate the export procedures among the private sector to promote exports and maximise the benefits of implementing the CKFTA.

According to a report by the Ministry of Commerce, in the first nine months of 2022, the trade volume between Cambodia and South Korea was recorded at more than US$600 million, an increase of 3 percent compared to the same period in 2021.

AKP-Keo Sophal