Logo of Phnom Penh Post newspaper Phnom Penh Post - Kingdom, Mongolia eyeing deal to up trade, investment

Kingdom, Mongolia eyeing deal to up trade, investment

Content image - Phnom Penh Post
The Phnom Penh Autonomous Port’s (PPAP’s) container terminal in Kandal province’s Kien Svay district. Heng Chivoan

Kingdom, Mongolia eyeing deal to up trade, investment

Cambodia and Mongolia are looking to sign a memorandum of understanding (MoU) to enhance bilateral trade and investment ties, a commitment made during a meeting on June 29.

The MoU is expected to encourage the Mongolian private sector to also study the potential of Cambodia’s agricultural sector and other important commodities to meet its market demands.

Minister of Commerce secretary of state Reach Ra, who met with Jamsran Byambasuren, newly-appointed Mongolian ambassador to Cambodia with residence in Vientiane, said efforts have been made by the Cambodian government to improve the business and investment environment.

These include reforms and promulgation of new laws such as the Law on Competition, Law on Investment and Consumer Protection Law.

“Cambodia plays an important role in contributing to regional economic integration. We have also made efforts to diversify export markets through negotiations to establish the RCEP [Regional Comprehensive Economic Partnership], bilateral trade deals with China and South Korea,” said Ra, who is also chairman of a working group on negotiations for a bilateral free trade agreement (FTA) with Mongolia.

Similarly, to tap the opportunities and potential of boosting bilateral trade, he acknowledged the need to examine the possibility of establishing a framework for economic cooperation or a MoU as the next step.

He suggested that additional meetings and an exchange of visits by leaders of Cambodia’s commerce ministry and Mongolian Ministry of Foreign Affairs take place so that trade and economic cooperation can deepen.

Content image - Phnom Penh Post
Reach Ra (right) meets with Mongolia ambassador to Cambodia Jamsran Byambasuren on June 29. COMMERCE MINISTRY

Meanwhile, Byambasuren made note of Cambodia’s efforts to facilitate trade, attract investment and develop key sectors of the national economy.

“Mongolia has been exploring the context of trade cooperation between the two countries in the past,” said Byambasuren.

In September 2020, Ra led an inter-ministerial group to Mongolia to study the establishment of an FTA. The delegation comprised officials from the ministries of Economy and Finance; Agriculture, Forestry and Fisheries; and Labour and Vocational Training, as well as the Council for the Development of Cambodia.

Commerce ministry spokesman Penn Sovicheat previously told The Post that a feasibility study on the establishment of an FTA was a measure to implement Cambodia’s trade integration policy and strategy to diversify regional and global markets.

“Our ministry has been working hard to expand into new markets. We are a country with a great potential to grow our agro industry.

“We believe we can export agricultural products to world markets, including Mongolia,” he said.


  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’