UAE & Cambodia ink CEPA to drive non-oil bilateral trade & investments

UAE & Cambodia ink CEPA to drive non-oil bilateral trade & investments

The United Arab Emirates (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.

The agreement is expected to enter into force before the end of the fourth quarter of this year. Witnessed by Cambodia’s Prime Minister Mr. Hun Sen, the agreement was signed by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Mr. Pan Sorasak, Cambodia’s 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 percent increase from 2021 and a 28 percent surge compared to 2019. The UAE is also a top trading partner for Cambodia in the Arab world, accounting for 70 percent of its trade