UAE’s Comprehensive Economic Partnership Agreement with Cambodia enters into force

UAE’s Comprehensive Economic Partnership Agreement with Cambodia enters into force

The UAE's Comprehensive Economic Agreement with Cambodia has officially entered into force, promising to enhance trade flows, create opportunities for strategic investment, and accelerate economic diversification for both countries.

The agreement will do so through the removal or reduction of tariffs on more than 92% of product lines, eliminating unnecessary barriers to trade, and improving market access for service exports.

The UAE-Cambodia Comprehensive Economic Agreement is the fifth CEPA to come into force; the deal has the potential to more than double the total value of non-oil trade between the UAE and Cambodia to US$1 billion by 2030. It builds on growing bilateral relations that resulted in non-oil trade exceeding US$407 million in 2022, a growth of 33% compared to 2021.

In the first nine months of 2023, the UAE's non-oil foreign trade with Cambodia exceeded US$300 million, comparable to the same period in 2022 and 30.5% more than 2021 figures.

One of the most promising economies in South-East Asia, Cambodia experienced 5.2% growth in 2022, building on an annual growth rate of 7.7% between 1998 and 2019. Through the deal, the UAE will benefit from new export opportunities in machinery, oils and lubricants, and cars and automotive parts, while key exports expected to