Monday, June 24, 2024

UAE and Cambodia finalize economic partnership agreement

Date:

The United Arab Emirates and the Kingdom of Cambodia have successfully concluded Comprehensive Economic Partnership Agreement negotiations, while all terms of the agreement have been agreed, paving the way for a new era of trade and investment cooperation between the two friendly countries.

Confirming the successful conclusion of the negotiations, the Minister of State for Foreign Affairs, Thani Bin Ahmed Al-Sioudi, and the Minister of Trade of the Kingdom of Cambodia, Ban Churasak, signed a joint statement announcing the final terms of the agreement. reached

Two-way trade

The Comprehensive Economic Partnership Agreement between the UAE and Cambodia stimulates the increase and diversification of intra-trade by eliminating tariffs, overcoming non-tariff trade barriers and promoting the exchange of goods, services and investments.

The agreement stems from growing economic relations between the UAE and Cambodia, resulting in non-oil trade exceeding $401.3 million in 2022, representing a 31% growth compared to 2021, and 146% compared to the previous year due to the “Covid-2019” pandemic.

In terms of investments, mutual foreign direct investment reached $3.8 million by the end of 2020.

New terminal

Al-Siodi hailed this important move and the new station as a translation of the leadership’s vision within the UAE’s plans to expand its foreign trade with the world.

“Cambodia is one of the fastest growing economies in Southeast Asia and this agreement helps provide a promising trade and investment route between the two countries, opening up a new and promising market for industrial companies, investors and the service sector in the country, and providing exporters with a key platform for global expansion,” “Cambodia’s food and agriculture manufacturing sectors are an important part of its economy, helping to achieve the UAE’s goals in the area of ​​food security.

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He pointed out that the negotiations aimed at reaching a comprehensive economic partnership agreement between the United Arab Emirates and Cambodia took only a few months, which confirms the mutual desire between the two friendly countries to improve bilateral relations and create new opportunities to achieve the aspirations and interests of both sides. .

Trade liberalization

For his part, Cambodian Trade Minister Ban Churasak emphasized the importance of the promising prospects of the Comprehensive Economic Partnership Agreement between the UAE and Cambodia, noting that the agreement is in line with Cambodia’s firm commitment to trade liberalization.

By strengthening supply chains, stimulating trade flows and promoting bilateral investment between Cambodia and the UAE, we believe that this agreement will surely be an added impetus to the growth and common prosperity of both countries. Encourages further trade and investment linkages between the Association of Southeast Asian Nations.” Asia (ASEAN) and the Arab world, one of the world’s most economically dynamic regions.

A promising economy

The Cambodian economy is considered a promising economy in the Southeast Asian region as its growth reached 5.1% in 2022.

The agreement will provide new opportunities for Cambodia’s main exports, including grains, fruits, meat, processed foods, clothing, footwear and leather goods. The UAE is seeking to expand its exports of machinery, oils, lubricants, cars and auto parts, as well as investment opportunities in logistics, infrastructure, travel and tourism projects and renewable energy.

4 Partnership Agreements

The UAE continues to expand its network of trading partners around the world by concluding comprehensive economic partnership agreements as part of its foreign trade and plans to double the size of the national economy by 2030.

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While the country has so far signed four agreements with India, Israel, Indonesia and Turkey, the first and second agreements have already entered into force.

The UAE will continue negotiations in the coming weeks to reach similar agreements with regionally and globally strategically important markets on the world trade map.

Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

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