Cambodia, Japan Mull Possibility of Bilateral FTA

Cambodia, Japan Mull Possibility of Bilateral FTA

Cambodia and Japan are studying a possibility of establishing a free trade agreement to strengthen cooperation between the two countries and promote a better business environment.

On the morning of February 3, Minister of Commerce, Pan Sorasak and President of the JCA, Fumiaki Takahashi, to discuss business cooperation between botch countries and ways to promote cooperation. The meeting was also attended by the leaders and officials of the Ministry of Commerce, as well as many representatives of the JCA.

Minister Sorasak welcomed Takahashi and his delegation and began to discuss trade relations between the two countries, as well as to discuss the feasibility study on the establishment of a bilateral free trade agreement between Cambodia and Japan.

The Minister added that with this strategic partnership and cooperation, Japan has made significant contributions to Cambodia’s economic development through the rehabilitation of infrastructure, the provision of human resource development programs, the strengthening of economic relations in the field of trade and tourism and investments in other sectors. Japanese investors have also brought flow of technology, knowledge and skills from Japanese foreign direct investment (FDI) and Official Development Assistance (ODA).

Minister Sorasak added that the ASEAN-Japan Comprehensive Economic Partnership (AJCEP) has accelerated the response to economic development between Cambodia and Japan through the provision of free trade, services and investment.

Cambodia’s potential exports include garments and furniture, as well as footwear, textiles and many other consumer goods. It was noted that Cambodia imports about 400 to 500 tons of raw silk per year to produce handicraft products for export to major markets, including Thailand, Vietnam, China and Japan, and the Japanese market has become an import market for products.

Minister Sorasak called on Japanese investors to consider Cambodia as a business partner and investment destination, as the Royal Government has ensured stability, as well as favourable investment and business environment. Khmer Times