UAE and Cambodia conclude Comprehensive Economic Partnership Agreement

UAE and Cambodia conclude Comprehensive Economic Partnership Agreement

ABU DHABI, 27th April, 2023 (WAM) -- The United Arab Emirates and the Kingdom of Cambodia have finalised the terms of a Comprehensive Economic Partnership Agreement (CEPA), paving the way for a new era of trade and investment cooperation between the two nations.

The successful conclusion of negotiations was confirmed with the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and PAN Sorasak, Cambodia’s Minister of Commerce.

The CEPA with Cambodia will serve as a catalyst to increase and diversify bilateral trade by substantially eliminating tariffs, reducing non-tariff trade barriers, and promoting trade in goods, services, and investment.

It builds on growing UAE-Cambodia economic relations that, in 2022, resulted in non-oil trade exceeding US$401 million, which represents a growth of 31 percent compared to 2021 – and 146 percent more on the pre-Covid year of 2019. In terms of investments, bilateral FDI had reached US$3.8 million by the end of 2020.

The Cambodian economy is one of the most promising in South-East Asia, enjoying 5.1 percent growth in 2022. This deal will deliver new opportunities for its key exports, which include grains, fruits, meats, processed foods, apparel, footwear, and leather goods. The UAE