UAE and Cambodia sign CEPA to double non-oil trade

UAE and Cambodia sign CEPA to double non-oil trade

Bilateral trade reached a record $407 million in 2022

The agreement was signed in Phnom Penh by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Pan Sorasak, Cambodia Minister of Commerce. — WAM

By WAM Published: Thu 8 Jun 2023, 8:59 PM Last updated: Thu 8 Jun 2023, 9:13 PM

The UAE and the Kingdom of Cambodia have signed a Comprehensive Economic Partnership Agreement (Cepa) that is expected to more than double non-oil bilateral trade from $407 million in 2022 to $1 billion within five years.

Witnessed by Cambodia’s Prime Minister Hun Sen, the agreement was signed in Phnom Penh by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Pan Sorasak, Cambodia Minister of Commerce.

The agreement seeks to eliminate or reduce customs duties, remove unnecessary trade barriers, facilitate investments, open market access to services exports, and create more opportunities for businesses to forge new partnerships. The signing of this agreement lays the foundations for a deeper and more meaningful partnership that will drive growth and help the global economic recovery.

It builds on the strong bilateral trade ties between the UAE and Cambodia, which reached a record $407 million in 2022, marking a 33 per