UAE-Cambodia reach trade agreement to improve commerce links

 

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The United Arab Emirates (UAE) and Cambodia have reached agreement on the conditions of a bilateral trade agreement in order to improve trade and commerce links, particularly in Asia

According to a statement released by the UAE state news agency WAM, the two nations wrapped up negotiations for the trade pact, known as the Comprehensive Economic Partnership pact (CEPA), within six months of its introduction.

Notably, when the CEPA is put into effect, numerous tariffs on Cambodian agricultural items, leather products, and clothes and footwear will be removed, creating a new market for the UAE's manufacturing and industrial sectors.

According to Thani Al Zeyoudi, UAE's minister for foreign trade, "Cambodia's food production and agricultural sectors, which are crucial to their economy, will also help us achieve our food security ambitions."

Moreover, a crucial component of the UAE's economic development strategy, which intends to double the size of the economy to $762 billion by 2030, is the CEPA program, which was begun in 2021 as the world economy began to recover from the effects of the COVID-19 pandemic.

Furthermore, the Gulf state has CEPAs with Israel, Turkey, India, Indonesia, and several other nations. It is now negotiating CEPAs with Kenya, Costa Rica, and the Ukraine.

In 2022, non-oil commerce between the UAE and Cambodia reached $401 million, an increase of 31% from the previous year, and by the end of 2020, bilateral FDIA had reached approximately $4 million.

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