Cambodia and UAE to Sign Comprehensive Economic Partnership Agreement

• Sommana Yan
• 17 March 2023
• Local News
• 2058 Views

Cambodia and the United Arab Emirates (UAE) have finalized the negotiations for the Cambodia-United Arab Emirates Comprehensive Economic Partnership Agreement (CAM-UAE CEPA), which will be signed later this year. The agreement aims to diversify export markets and promote Cambodia’s economic integration into the region and the world.

Minister of Commerce H.E. Pan Sorasak and H.E. Thani bin Ahmed Al Zeyoudi have just jointly announced the official close of the negotiation of CAM-UAE CEPA via video conference.

“The agreement aims to diversify export markets and further promote Cambodia’s economic integration into the region and the world. Through this, both sides can maximize the benefits of socio-economic development as the new opportunities offered by ASEAN and the Middle East by enhancing the value chain, trade facilitation, bilateral investment promotion, and cooperation expansion in potential areas.” Said HE Pan Sorasak.

Under the agreement, Cambodian agricultural and industrial products such as rice, vegetables, bananas, cashews, mangoes, corn, pepper, durian, rice cake, jam, fruit, bicycles, electronic components, electric vehicles, travel bags, shoes, and clothing will be exported to the UAE. In return, UAE will provide professional and business, construction, engineering, and environmental services to Cambodia.

The negotiation for the CAM-UAE CEPA has been held over the course of three rounds, with the first held in Abu Dhabi, UAE, in October 2022, the second in Phnom Penh in December 2022, and the final round in Dubai in February 2023.

The agreement will open up new opportunities for both countries to promote trade and investment while boosting economic growth and job creation. It will also provide a framework for closer collaboration in areas such as technology, innovation, and human capital development.

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