China and Cambodia will promote implementation of their free trade agreement, which took effect on January 1, to benefit enterprises and people on both sides, according to the Chinese ministry of commerce. According to the agreement, both nations will eventually grant zero-tariff treatment to more than 90 per cent of imports from the other side.
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 both sides rose by 45.9 per cent to $10.98 billion in the first 10 months of last year, hitting the target of $10 billion, the ministry was quoted as saying by official Chinese media reports. The two countries had earlier committed to reaching the $10-billion threshold by 2023.
China and Cambodia will promote implementation of their free trade agreement, which took effect on January 1, to benefit enterprises and people on both sides, according to the Chinese ministry of commerce. According to the agreement, both nations will eventually grant zero-tariff treatment to more than 90 per cent of imports from the other side.
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.
Fibre2Fashion News Desk (DS)
