Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia, UAE senior trade officials gauge bilateral economic prospects

Cambodia, UAE senior trade officials gauge bilateral economic prospects

Content image - Phnom Penh Post
A virtual video conference between Minister of Commerce Pan Sorasak and UAE Minister of State for Foreign Trade Thani bin Ahmed al-Zeyoudi held on July 04. COMMERCE MINISTRY

Cambodia, UAE senior trade officials gauge bilateral economic prospects

Cambodia and the United Arab Emirates (UAE) have reaffirmed their vows to support and expand cooperation in all fields, in a bid to boost investment and trade flows between the two countries.

This was revealed in a July 6 statement issued by the Cambodian Ministry of Commerce in conjunction with a virtual video conference between Minister of Commerce Pan Sorasak and UAE Minister of State for Foreign Trade Thani bin Ahmed al-Zeyoudi held two days earlier.

Despite Covid-19, bilateral trade between Cambodia and the UAE topped $151.547 million in 2021, up by more than 52.660 per cent from nearly $99.271 million a year earlier, according to a commerce ministry report provided to The Post.

Sorasak noted in the statement that the UAE is Cambodia’s 26th largest export market. Cambodian exports to the UAE comprise merchandise such as textile-related products like footwear and travel goods, bicycles, and milled rice, while imports include oils, animal feed, fertilisers, tobacco and ceramic products, he said.

According to the statement, al-Zeyoudi told the conference that Cambodia still holds considerable investment potential to boost economic growth in the longer term, which he suggested has fostered healthy trade cooperation between the two countries.

He said the UAE is committed to further enhancing bilateral trade and investment cooperation as well as diversifying the two countries’ export markets, in support of economic growth and regional and global competitiveness.

Cambodia and the UAE have begun discussions on the possibility of establishing a Comprehensive Economic Partnership Agreement (CEPA) that covers key priority areas such as online and conventional trade in goods and services, investment, economic cooperation, and micro-, small- and medium-sized enterprises (MSME).

Last year, the Kingdom’s exports to the UAE clocked in at nearly $52.116 million, up by almost 18.927 per cent from just about $43.822 million in 2020, and imports passed $99.431 million, up by nearly 79.321 per cent from almost $55.449 million, the commerce ministry report indicated.

Cambodia’s trade deficit with the UAE expanded by almost 306.951 per cent to more than $47.315 million in 2021, from nearly $11.627 million a year earlier, the figures show.

MOST VIEWED

  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Famed US collector family return artefacts to Cambodia

    In the latest repatriation of ancient artefacts from the US, a total of 33 pieces of Khmer cultural heritage will soon return home, according to the Ministry of Culture and Fine Arts. In a September 12 press statement, it said the US Attorney’s Office for the

  • Tina rebuffs ‘false claims’ over falling paddy price

    Agriculture minister Dith Tina has shed light on the trade of paddy rice in Battambang – Cambodia’s leading rice-producing province – in a bid to curb what he dubs a “social media fact distortion campaign” to destabilise the market. While acknowledging that the prices of paddy

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • Kampot curfew imposed to curb ‘gang’ violence

    Kampot provincial police have announced measures to contain a recent spike in antisocial behaviour by “unruly’ youth. Officials say the province has been plagued by recent violence among so-called “gang members”, who often fight with weapons such as knives and machetes. Several social observers have

  • PM outlines plans to discuss trade, policy during US visit

    Prime Minister Hun Manet is set to meet with senior US officials and business leaders during his upcoming visit to the US for the UN General Assembly (UNGA), scheduled for September 20. While addressing nearly 20,000 workers in Kampong Speu province, Manet said he aims to affirm