Cambodia ratifies Free Trade Agreement with China

On September 9, the National Assembly of Cambodia ratified the bilateral free trade agreement with China, aimed to increase the trade of goods by reducing and eliminating tariffs and non-tariff barriers.

Although the vast majority of Cambodia’s exports to China are tariff-free through the ASEAN-China Free Trade Area (ACFTA), the CCFTA extends tariff-free trade to over 340 products, such as seafood products, garlic, cashew nuts, and dried chili, among others.

Cambodia saw a surge of 200 percent in the export of fruit in the first five months of 2021 and such exports can also help Cambodia gradually even out the large trade deficit the country has with China; of the US$8 billion in bilateral trade in 2020, only US$1 billion was sent from Cambodia. Cambodian bananas exports rose to US$121 million from US$8 million in 2019.

Source: aseanbriefing.com


Photo source: Dreamstime.com


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