2023-04-27 22:06:59
The UAE and the Kingdom of Cambodia have successfully completed comprehensive economic partnership agreement talks, while all terms of the agreement have been agreed upon, paving the way for a new era of trade and investment cooperation between the two friendly countries.
Confirming the successful completion of the talks, the Minister of State for Foreign Trade, Thani bin Ahmed Al-Zeyoudi, and the Minister of Commerce of the Kingdom of Cambodia, Ban Surasak, signed a joint statement announcing that the final terms of the agreement had been reached.
Two-way trade
The Comprehensive Economic Partnership Agreement between the UAE and Cambodia stimulates the increase and diversification of intra-trade by eliminating fees, overcoming non-tariff trade obstacles, and promoting the exchange of goods, services and investments.
This agreement stems from the growing economic relations between the UAE and Cambodia, which in 2022 resulted in non-oil trade exceeding the value of $401.3 million, representing a growth of 31% compared to 2021, and 146% compared to the year before the “Covid-2019” pandemic.
With regard to investments, mutual foreign direct investment reached $3.8 million by the end of 2020.
new terminal
Al-Zeyoudi praised this important step and the new station within the UAE’s plans to expand its foreign trade with the world, as a translation of the leadership’s vision.
He said, “Cambodia is one of the fastest growing economies in Southeast Asia, and the agreement helps provide a promising trade and investment path between the two countries, opening a new and promising market for industrial companies, investors and the service sector in the country, and giving exporters an important platform for global expansion,” pointing out that the production sectors Cambodia’s food and agriculture, which form an important part of its economy, help achieve the UAE’s goals in the field of food security.
He pointed out that the talks aimed at reaching a comprehensive economic partnership agreement between the UAE and Cambodia took only months, which confirms the mutual desire between the two friendly countries to advance bilateral relations and create new opportunities that achieve the aspirations and interests of both parties.
Trade liberalization
For his part, Cambodian Trade Minister Ban Surasak stressed the importance of the promising prospects of the Comprehensive Economic Partnership Agreement between the UAE and Cambodia, noting that this agreement is in line with Cambodia’s firm commitment to trade liberalization.
He said, “We believe that this agreement will certainly be an additional great impetus for the growth and common prosperity of the two countries, by strengthening supply chains, stimulating trade flow, and encouraging bilateral investment between Cambodia and the UAE. The agreement will also serve as an incentive for further trade and investment communication between the Association of Southeast Nations.” Asia (ASEAN) and the Arab world, which is among the most economically dynamic regions in the world.
Promising economy
The Cambodian economy is considered a promising economy in the Southeast Asian region, as its growth in 2022 reached 5.1%.
The agreement will provide new opportunities for Cambodia’s main exports, which include grains, fruits, meat, processed foods, clothing, footwear and leather goods. While the UAE seeks to expand its exports of machinery, oils, lubricants, cars and auto parts, as well as providing investment opportunities in logistics, infrastructure, travel and tourism projects and renewable energy.
4 partnership agreements
The UAE continues to expand its network of trading partners around the world, by concluding comprehensive economic partnership agreements, as part of its plans to double its foreign trade and the size of the national economy by 2030.
The country has so far concluded four agreements with India, Israel, Indonesia and Turkey, while the first and second agreements have already entered into force.
The UAE continues its talks to reach similar agreements, in the coming weeks, with markets of strategic importance regionally and globally on the global trade map.
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