Agreement to create opportunities for Cambodian fresh produce exports and Korean investment
The Cambodia-Korea FTA (CKFTA) has been ratified by the Korean government paving the way for Cambodian fruit exports the new bilateral partner to expand.
The National Assembly of the Republic of Korea ratified the agreement on 27 September, which according to Yonhap News Agency, will see Cambodia lift tariffs on 93.8 per cent of goods traded and Korea scrapping duties on 95.6 per cent of goods.
Cambodia Chamber of Commerce CCC vice-president Lim Heng said the CKFTA combined with the Regional Comprehensive Economic Partnership would eliminate almost 100 per cent of Cambodian agricultural exports to Korea.
This will provide a boost not only to exporters but Korean investors looking to put their money into production and processing in Cambodia.
Cambodia’s Ministry of Commerce has already encouraged Korean investment in the country’s mango industry.
“The Ministry of Commerce is ready to support and facilitate business investment in Cambodia, especially by Korean investors, and will aid their cooperation with relevant ministries and institutions to complete the legal process,” said Minister of Commerce Pan Sorasak earlier in 2022.
A spokesperson for Cambodia’s Ministry of Commerce told the Khmer Times, the CKFTA will allow Cambodia to export fresh produce including peppers, bananas, cashew nuts, potatoes, pineapple, longan and more. Meanwhile, Korea will be able to export agricultural machinery.
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