Cambodia, RoK move closer to signing FTA

The Republic of Korea said on June 11 that it has made further progress in fleshing out details for the planned free trade agreement (FTA) with Cambodia, as Seoul seeks to broaden economic ties with Southeast Asian nations and diversify its export portfolio.

11, Jun. 2020

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HANOI, VNA - The Republic of Korea said on June 11 that it has made further progress in fleshing out details for the planned free trade agreement (FTA) with Cambodia, as Seoul seeks to broaden economic ties with Southeast Asian nations and diversify its export portfolio.

The RoK plans to hold a public hearing on the envisioned FTA on June 12 by inviting related experts, which is mandatory under the local law before seeking a commerce treaty, according to the Ministry of Trade, Industry and Energy.

In November, the two countries launched a joint feasibility study on their potential FTA in line with the RoK’s summit with ASEAN.

They completed the study last month and agreed to start domestic procedures to pave the way for official talks.

The RoK's exports to Cambodia reached 696 million USD last year, up 5.5 percent from a year earlier. Its imports from the Southeast Asian country came to 335 million USD, up 6.8 percent year-on-year.

The country mainly shipped textile materials and used freight trucks to Cambodia and imported finished clothing goods.

ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand, Singapore and Vietnam. - VNA