The UAE and the Cambodia have signed a Comprehensive Economic Partnership Agreement that aims to more than double non-oil bilateral trade over the coming five years. The accord aims to boost trade to $1 billion from to $407 million in 2022, the UAE Ministry of Economy added.
The agreement was signed in Phnom Penh by Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, and Pan Sorasak, Cambodia's Minister of Commerce, in the presence of Cambodia’s Prime Minister Hun Sen. The two countries concluded Cepa talks in April and the agreement aims to eliminate or reduce customs duties, remove unnecessary trade barriers, support investment, open market access to services exports and create more opportunities for businesses to forge partnerships.
The UAE-Cambodia Cepa is a “new milestone in our foreign trade agenda that strengthens our growing role in the east-west trade corridor”, said Dr Al Zeyoudi.
“It will not only contribute to our goal of doubling non-oil foreign trade by 2031 but also expand our presence in the rapidly growing economies of South-East Asia, opening new doors for exporters to reach millions of consumers.
“Cambodia will also benefit from our global connectivity and ability to re-export goods to more than 400 cities around the world. We will continue to expand global trade to foster long-term, sustainable growth and economic diversification with all whom we do business with.”
The UAE, which aims to boost trade and economic relations with countries around the globe, is working towards signing 26 Cepas as it seeks to attract more investment and diversify its economy. The country has already signed similar deals with India, Israel and Indonesia, Turkey and is close to concluding agreements with Kenya.