Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia, Vietnam ink deal to drop tariffs

Cambodia, Vietnam ink deal to drop tariffs

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.

MOST VIEWED

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • Shipwreck found off coast of Koh Kong

    Royal Cambodian Navy researchers are working to identify a decades-old shipwreck found earlier this month off the coast of Koh Kong province. Divers found the 70-metre-long wreck on April 4 about a mile from Koh Chhlam island, according to Navy officials. Deputy Navy Commander Tea Sokha,