Cambodia, S. Korea conclude FTA negotiations

PHNOM PENH - Cambodia and South Korea said in a joint statement that they had concluded their negotiations on the bilateral Free Trade Agreement (FTA).

Cambodia's Commerce Minister Pan Sorasak and South Korea's Trade Minister Yoo Myung-hee jointly announced the conclusion via videoconference.

"The bilateral FTA aims to further strengthen economic partnership and further liberalize bilateral trade between the two economies in a mutually beneficial manner by creating more economic and social benefits for the peoples and businesses of both countries," the statement said on Wednesday.

"Furthermore, both countries believe that this important bilateral agreement can facilitate a swift economic recovery for the two countries during and after COVID-19 pandemic," it added.

According to the statement, the bilateral FTA covers trade in goods including standards, technical regulations and conformity assessment procedures, sanitary and phytosanitary measures along with trade remedies, rules of origin, customs procedures and trade facilitation, and dispute settlement, among others.