Elevating Economic Ties: Cambodia and UAE Forge Comprehensive Economic Partnership Agreement

• 11 June 2023
• Local News
• 5137 Views

In a momentous stride towards enhancing economic cooperation and fostering greater investment opportunities, Cambodia and the United Arab Emirates (UAE) have officially signed a Comprehensive Economic Partnership Agreement (CEPA). The signing ceremony, presided over by Samdech Hun Sen, Minister of Cambodia, witnessed the presence of HE Pan Sorasak, Minister of Commerce, and HE Thani Bin Ahmed Al Zeyoudi, Minister of Foreign Trade of the UAE, on the afternoon of June 8.

Prime Minister Hun Sen, during a meeting with a gathering of nearly 20,000 garment workers in Kampong Chhnang province, emphasized the significant role played by bilateral free trade agreements in expanding market access for Cambodian products, thereby bolstering exports.

He highlighted the strategic advantages of the UAE “The United Arab Emirates has a small population, but is a distribution hub, which they can invest in establishing factories in Cambodia and distribute finished products to other countries.”

The newly inked Comprehensive Economic Partnership Agreement between Cambodia and the UAE marks the third bilateral free trade agreement for Cambodia, following the successful implementation of the Cambodia-China Free Trade Agreement on January 1, 2022, and the Free Trade Agreement between Cambodia and Korea, effective December 1, 2022.

With this latest agreement, Cambodia gains a valuable opportunity to diversify its export markets by tapping into the UAE and exploring untapped prospects in other Arab markets across the Middle East and North Africa.

This landmark partnership is poised to usher in a new era of economic growth and mutual prosperity for both nations, strengthening bilateral ties and opening avenues for expanded trade and investment. As Cambodia charts a path towards greater global integration, the CEPA with the UAE solidifies its position as an attractive destination for foreign investment and trade, driving sustainable development and propelling the nation towards a thriving future.

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