Logo of Phnom Penh Post newspaper Phnom Penh Post - Kingdom to Bishkek: Speed up joint study on EAEU FTA

Kingdom to Bishkek: Speed up joint study on EAEU FTA

Content image - Phnom Penh Post
Commerce ministry secretary of state Sok Sopheak (third left) and Kyrgyz permanent representative to the UN, Almazbek Beishenaliev (right), meet in Geneva, Switzerland on Wednesday. COMMERCE MINISTRY

Kingdom to Bishkek: Speed up joint study on EAEU FTA

Cambodia has called on Kyrgyzstan to expedite a joint study on the establishment of a free trade agreement (FTA) between the Kingdom and the Eurasian Economic Union (EAEU) to further expand Cambodian exports to the bloc’s five countries.

The appeal was made at a meeting between Cambodian Ministry of Commerce secretary of state Sok Sopheak and Kyrgyz ambassador to Switzerland and permanent representative to the UN, Almazbek Beishenaliev, at the World Trade Organisation (WTO) headquarters in Swiss diplomatic hub Geneva on December 1.

Comprising Kyrgyzstan, Armenia, Belarus, Kazakhstan and Russia, the EAEU is home to 184.6 million people and represents a combined gross domestic product (GDP) of $4.778 trillion, according to International Monetary Fund estimates for 2020.

Sopheak emphasised the importance of diplomatic relations and bilateral trade and economic cooperation between the Kingdom and the Central Asian country.

He also highlighted a 2019 meeting with former Kyrgyz President Sooronbay Jeenbekov and the joint study initiative on the establishment of a Cambodia-EAEU FTA.

He said the Kingdom is committed to strengthening and expanding economic, trade and investment cooperation between the two countries and asked Bishkek to look into fast-tracking work on the study.

Beishenaliev accepted the Cambodian delegation’s request and vowed to run it past the Kyrgyz leadership, in the interest of “continued close cooperation” with the Kingdom.

Cambodia Chamber of Commerce vice-president Lim Heng told The Post that an FTA with the EAEU would be “a good thing”, saying the deal would allow the Kingdom to ship more than 10,000 items to the region, which he noted has a population that is set to top 200 million in the near future.

He pointed out that EAEU countries have provided duty-free access to some Cambodian goods, even without a trade deal, upping the presence of the Kingdom’s products in the five markets, notably garments, footwear and other textile-based goods.

He suggested that an FTA with the bloc would mean a boon for Cambodian agricultural exports.

“Economic ties with the EAEU are still limited, so in order to boost trade with the bloc, especially Russia, the largest of the five countries, we need to push further, especially for the signing of this free trade agreement,” Heng said.

MOST VIEWED

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro

  • ACLEDA, WU to enable global money transfers

    Cambodia's largest commercial bank by total assets ACLEDA Bank Plc and global money transfer firm Western Union (WU) have partnered to offer customers cross-border money transfers to 200 countries via “ACLEDA mobile” app. In Channy, president and group managing director of ACLEDA, said the June 22 agreement

  • Walmart plans to diversify stock of Cambodia goods

    Walmart Inc, the world’s biggest retailer, on June 22 reiterated recent plans to scale up and greatly diversify its purchases of Cambodian products, according to the labour ministry. This came during a virtual working meeting between Minister of Labour and Vocational Training Ith Samheng and

  • Cambodia detects new Covid cases after 52 days: PM

    After 52 days of zero new Covid-19 cases, Cambodia has now detected new infections, according to Prime Minister Hun Sen. In his special audio address to the nation late on June 28, Hun Sen said the new cases were detected on people who had undergone PCR tests

  • Cotton club growing in Battambang

    The global market for “vegan leather” – materials that act as alternatives to traditional leather that can be synthesised from cork, apple peels, cactus, recycled plastic, grape pomace and pineapple leaves, among other things, and supposedly require no chemicals or water to produce – is expected to