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Cambodia, Vietnam ink deal to drop tariffs

CAMBODIA has signed a deal with Vietnam to lower some trade tariffs, with the aim to strengthen business ties between the two countries, according to a senior official at the Ministry of Commerce.

The agreement was inked on the sidelines of the ongoing ASEAN Summit in Hanoi between Minister of Commerce Cham Prasidh and Vietnam’s Minister of Industry and Trade Vu Huy Hoang on Friday.

“The deal is very important for general businesses – it will open markets for specific goods between the two countries,” said Chan Nora, Ministry of Commerce secretary of state yesterday. He was not able to immediately unveil what goods would see reduced tariffs.

Cambodia’s exports to its eastern neighbour will be taxed at levels between zero and 60 percent, whereas the Kingdom will remove tariffs on 13 new Vietnamese products, according to Vietnam’s VOV news service.

Eu Om, commercial counsellor at Vietnam’s Phnom Penh embassy, said yesterday it was crucial to sign agreements to offer tax exemptions to boost future bilateral trade.

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