China and Cambodia will promote implementation of their free trade agreement which took effect on Jan 1 to benefit the enterprises and people of the two nations, China’s Ministry of Commerce said on Wednesday.
According to the free trade agreement, both nations will grant zero-tariff treatment to more than 90 percent of imports from the other side eventually.
The two nations will also strengthen cooperation in areas such as trade in services, investment, the Belt and Road Initiative, and e-commerce, the ministry said in an online statement.
Bilateral trade volume between China and Cambodia rose 45.9 percent to $10.98 billion in the first 10 months of this year, hitting the target of $10 billion, China’s Ministry of Commerce said.
The two countries had previously committed to reaching the $10 billion threshold by 2023.
According to Lim Heng, vice president of the Cambodia Chamber of Commerce, bilateral trade will rise further and the variety of products Cambodia exports to China will increase.
The main products Cambodia exports to China’s market are milled rice, cassava, fresh mango and banana, while it imports raw materials for garment production, building materials and vehicles.
Last year, Cambodian imports from China dropped by nearly 7 per cent as lockdowns forced the closure of the country’s garment factories.
China is willing to work with Cambodia to implement the China-Cambodia Free Trade Agreement and the Regional Comprehensive Economic Partnership Agreement, and promote cooperation in infrastructure, production capacity, digital economy, and green and low-carbon fields, said the ministry.
China will also expand imports from Cambodia, encourage Chinese companies to invest in Cambodia and promote e-commerce cooperation. China Daily/Khmer Times
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