Logo of Phnom Penh Post newspaper Phnom Penh Post - Cambodia, Vietnam sign trade agreement

Cambodia, Vietnam sign trade agreement

Content image - Phnom Penh Post
Minister of Commerce Pan Sorasak holds he document signed on June 2. COMMERCE MINISTRY

Cambodia, Vietnam sign trade agreement

Cambodia and Vietnam have signed an agreement to promote bilateral trade for 2023-2024, noting that it is an important mechanism that will promote and enhance bilateral cooperation in all sectors.

The June 2 online signing ceremony was witnessed by Minister of Commerce Pan Sorasak and Vietnam's Minister of Industry and Trade Nguyen Hong Dien. The function was attended by several leaders and specialist officials from the two ministries.

Sorasak described relations between Cambodia and Vietnam as close and long-established. The relationship is an important mechanism for promoting economic, trade and investment cooperation on the basis of good neighbourliness, traditional friendship and cooperation and comprehensive cooperation, for the mutual benefit of both nations.

“We initiated this trade agreement under the guidance of the leaders of our two countries through a joint Cambodian-Vietnamese statement between the Cambodian and Vietnamese Prime Ministers, who agreed the statement in 2005 in Hanoi, Vietnam to establish a preferential tariff policy for goods that originate in our respective countries,” he added.

“To date, representatives of our two ministries have resigned this document on seven occasions and agreed to renew this bilateral trade facilitation agreement through diplomacy once,” he concluded.

Hong Dien said the bilateral trade facilitation agreement for 2023-2024 is an important document for businesspeople, especially exporters and importers. The agreement will boost exports and imports between the two countries, in addition to the ASEAN Framework Agreement on Goods.

“Although the world has been hit the Covid-19 pandemic, the two of our governments have made efforts to bolster their nations. It is important for the signing and implementation of this agreement to continue to increase the volume of trade, especially in terms of agricultural and industrial goods,” he continued.

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

  • Ream base allegations must end, urges official

    A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical

  • 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

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • Cambodian diaspora laud Manet’s UN Assembly visit

    Members of the Cambodian diaspora are rallying in support of Prime Minister Hun Manet’s forthcoming visit to the 78th UN General Assembly (UNGA 78) in the US’ New York City this week. Their move is an apparent response to a recent call by self-exiled former

  • After three deferrals, Capital Gains Tax to take effect Jan 1, 2024

    The General Department of Taxation (GDT) will implement the Capital Gains Tax starting January 1, 2024 to after being deferred three times as industrial players warn that the implementation might have some negative impact on the property market growth, which is down due to the economic downturn.