Logo of Phnom Penh Post newspaper Phnom Penh Post - Trading places

Trading places

Trading places

A free trade agreement with India has been passed by Cambodia’s Council of Ministers and now awaits final approval from the National Assembly.

Ratification talks for the ASEAN-India Free Trade Agreement are set to take place later this month, according to Cheam Yeap, chairman of the National Assembly’s Banking and Finance Committee, after ministerial approval was granted on Friday.

“Cambodia will gain several advantages under the agreement. We will be able to export more agricultural products into India – one of the world’s largest markets – and receive investment flows in return,” he said.

The ASEAN-India FTA will see tariffs on more than 4,000 product lines be eliminated by 2016 at the earliest, according to the ASEAN Secretariat.

Ministry of Economy and Finance secretary of state Kong Vibol said Cambodia had recently ratified several free trade pacts to open up markets.

India’s investment to date had largely targeted the Kingdom’s agricultural sector, including paddy harvests, rubber plantations and sugar projects.

Sam Rainsy Party lawmaker Son Chhay claimed it would be difficult to benefit from the pact, given strong regional competition.

The Indian Embassy declined to comment.

MOST VIEWED

  • Ethnic group ‘disappointed’ to be denied French visas to attend court

    Eleven people at the centre of a case involving seven indigenous Bunong villages in Mondulkiri province pursuing legal action in France have expressed disappointment after the French embassy in Phnom Penh denied their visa applications to attend court. A press release said the 11 included a

  • Cambodia nabs 12th place in best retirement destinations

    Cambodia is an expatriate hotspot for those dreaming of living a more luxurious lifestyle at an affordable cost, according to International Living’s Annual Global Retirement Index 2019. For the fourth year in a row, Cambodia took the top spot in the Cost of Living category.

  • EU starts EBA withdrawal

    The EU on Monday announced that it has begun the 18-month process of withdrawing the Kingdom’s access to its preferential Everything But Arms (EBA) agreement over “a deterioration of democracy [and] respect for human rights”. However, the Garment Manufacturers Association of Cambodia (GMAC) said

  • PM: War result of foreign meddling

    Prime Minister Hun Sen said on Sunday that Cambodia’s recent history of conflict was caused by foreign interference. “The wars that happened were caused by provocation, incitement, support, smearing and interference from foreign powers, and the group of ignorant people who pushed Cambodia to