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

  • ‘Dire consequences’ from sanctions, warns AmCham

    American businesspeople in Cambodia have warned that any sanction against the Kingdom would have “dire consequences” that could push Cambodia even further into the arms of China. In a letter to US senators and representatives dated Monday, the American Chamber of Commerce Cambodia (AmCham) said

  • CPP: ‘Behave or Sokha suffers’

    The ruling Cambodian People’s Party (CPP) spokesman warned Kem Monovithya on Thursday that her attempt to damage “national reputation and prestige” would lead to her father, Kem Sokha, receiving even harsher punishment. Sok Eysan issued the warning as Monovithya, who is the court dissolved

  • Preah Sihanouk beach developments halted

    After receiving an order from Hun Sen, Minister of Land Management Chea Sophara led a team of experts and relevant officials to Sihanoukville to call a halt to the illegal development of a beach. The prime minister ordered the Prek Treng beach in Otres commune

  • Protests planned in New York as Hun Sen to attend the UN

    Prime Minister Hun Sen will speak at the United Nations General Assembly in New York this week. But US-based supporters of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP) plan to throw eggs at his car as part of a series of protests to coincide