Logo of Phnom Penh Post newspaper Phnom Penh Post - Hong Kong-Asean trade deal a boon for Cambodia

Hong Kong-Asean trade deal a boon for Cambodia

An aerial view of the Sihanoukville Autonomous Port in Preah Sihanouk province.
An aerial view of the Sihanoukville Autonomous Port in Preah Sihanouk province. Heng Chivoan

Hong Kong-Asean trade deal a boon for Cambodia

A free trade agreement signed between Hong Kong and members of the Association of Southeast Asian Nations (Asean) stands to benefit the Kingdom by helping it diversify its export destinations, an economist said yesterday.

The agreement, which was signed on Sunday in Manila, concludes nearly three years of talks and is expected to take effect in 2019 at the earliest. The aim of the agreement is to reduce trade barriers and boost investment through greater regional economic integration.

Hiroshi Suzuki, CEO of Business Research Institute for Cambodia (BRIC), said that for heavily reliant export economies like Cambodia, these types of agreements are essential for continued growth.

“For many developing countries, including Cambodia, which are relying on exports, free trade is one of the most important fundamentals for the development of economy,” he said.

“The FTA [free trade agreement] between Hong Kong and Asean will contribute to the diversification of export destinations from Cambodia.”

Suzuki also said that the planned finalisation of the Japan-Asean Economic Partnership Agreement was expected to bring regional benefits, and urged the Kingdom to join in a version of the Trans-Pacific Partnership which was formally adopted by Asia-Pacific Economic Cooperation (APEC) last week called the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (CPTPP).

The US withdrew from the TPP last year, sparking fears of isolationist policies.

MOST VIEWED

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • Omicron patients can stay home: PM

    Prime Minister Hun Sen has given the green light for anyone who contracts the SARS-CoV-2 Omicron mutation or any other variant to convalesce or receive treatment at home or in any other reasonable non-healthcare setting. The new decision supersedes a restriction on home care for

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Cambodia’s first ever anime festival kicks off Jan 22 at capital’s F3 centre

    Phnom Penh's first ever Anime Festival will bring together fans, artists, shops and other local businesses with ties to the Japanese animation style for cosplay competitions, online games, pop-up shops and more on January 22, with Friends Futures Factory (F3) hosting. F3 is a project that