Cambodia’s exports to Canada under free tariffs and quotas reach $954.82 million

Pan Sorasak, Minister of Commerce, met with Dr. Sarah Taylor, Ambassador of Canada to the Kingdom of Cambodia to strengthen cooperation between the two countries and promote certain priority areas.

Bilateral trade between the two countries has increased significantly, with Cambodia exporting to Canada under the duty-free and quota-free program worth up to $954.82 million in 2021, according to the Minister of Commerce.

At the same time, the Minister of Commerce asked the Ambassador to explore the possibility of studying the possibility of establishing a bilateral free trade agreement between Cambodia and Canada and to request a business meeting between Canadian investors who have invested in Thailand and Laos to take advantage of Cambodia-China Bilateral Free Trade Agreement (CCFTA), Cambodia-Korea Bilateral Free Trade Agreement (CKFTA) and Regional Comprehensive Economic Partnership Agreement (RCEP) Recently .

Additionally, Cambodia has reformed and enacted several new investment laws to facilitate a better business environment in Cambodia.

He added that Cambodia has always supported Canadian investors investing in Cambodia. In fact, ABA Bank is the third largest bank in Cambodia and Manulife Insurance Company has obtained a license and shared its expertise with Cambodia.

The Canadian Ambassador said that Canada will encourage ASEAN-Canada free trade negotiations and examine the feasibility study on the possibility of establishing a bilateral free trade agreement between Cambodia and Canada, as this is consistent with Canadian trade policy under the new administration.

She promised to discuss the above proposal with the institutions concerned and to encourage her officials to work more closely with Cambodia to bring and develop specific projects within the framework of CTIF cooperation, as well as to raise proposals for ‘assistance. Techniques from the Canadian government’s CTIF project. fast news

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