On Tuesday, the National Assembly of the Republic of Korea gave its formal consent to the Cambodia-Korea Free Trade Agreement (CKFTA) through its ratification to make Cambodia’s second bilateral trade agreement officially valid. Under the CKFTA, Cambodia is expected to receive over 95 percent of the total tariff lines from the Republic of Korea to export 92 percent of all of its goods to the latter at zero percent of customs duty immediately after the agreement is entered into, according to the official who is also the spokesman of MoC.
Pen Sovicheat, Undersecretary of State of MoC, said the CKFTA will allow Cambodia to export peppers, bananas, cashew nuts, potatoes, pineapples, coffee, fruits, corns, longans and much more.
The Republic of Korea will be allowed to export electronic devices, automobiles, construction machinery, agriculture machinery, cloth raw material, processed cloth and more.
Cambodia already enjoys special trading benefits with South Korea under the Association of Southeast Asia Nations (ASEAN)-Korea Free Trade Agreement, and the Regional Comprehensive Economic Partnership Agreement (RCEP), according to the Hong Kong Trade Development Council (HKTDC), adding that the new bilateral agreement is expected to further boost trade and investment between the two economies.
