UAE and Cambodia conclude Comprehensive Economic Partnership Agreement

UAE and Cambodia conclude Comprehensive Economic Partnership Agreement

Bilateral non-oil trade exceeded $401 million in 2022

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. - Supplied photo

Published: Thu 27 Apr 2023, 12:18 PM Last updated: Thu 27 Apr 2023, 12:19 PM

The UAE and 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 $401 million, which represents a growth of 31 per cent compared to 2021 – and 146 per cent more on the pre-Covid year of 2019. In terms of investments, bilateral FDI