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Abu Dhabi [UAE]April 27 (ANI/WAM): The United Arab Emirates and the Kingdom of Cambodia have finalized the terms of the Comprehensive Economic Partnership Agreement (CEPA), paving the way for a new era of trade and investment cooperation between the two countries.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and PAN Sorasak, Cambodian Minister of Commerce, signed a joint statement confirming the successful conclusion of the negotiations.
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CEPA with Cambodia will promote the growth and diversification of bilateral trade by substantially eliminating tariffs, reducing non-tariff trade barriers, and facilitating trade in goods, services, and investment.
It builds on the UAE’s growing economic relationship with Cambodia, with non-oil trade exceeding $401 million by 2022, a 31% increase from 2021 and a 146% increase from pre-Covid 2019 In terms of investment, by the end of 2020 , bilateral direct investment amounted to 3.8 million US dollars.
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The Cambodian economy is one of the most promising in Southeast Asia, with growth of 5.1% by 2022. The agreement will bring new opportunities for its key exports, which include grains, fruit, meat, processed food, clothing, footwear and leather goods. The UAE will benefit from new export opportunities in machinery, oil and lubricants, vehicles and auto parts, as well as investment opportunities in logistics and infrastructure, travel and tourism projects, and renewable energy.
Dr. Al Zeyoudi declared the signing as another important step in the UAE’s foreign trade agenda, which was launched in September 2021.
“Cambodia is one of the fastest growing economies in Southeast Asia, and this transaction will help strengthen East-West supply chains, provide an important new market for our manufacturers, investors and service providers, and provide Their exporters provide an important platform for global expansion. Cambodia’s food production and agricultural sector is an important part of its economy and will also help us achieve our food security goals.
“The negotiations, which took less than six months to complete, clearly demonstrate our shared desire to advance our bilateral relationship and create new opportunities of mutual benefit.”
Sorasak reiterated his shared view of the bright future that the UAE-Cambodia CEPA will align with Cambodia’s consistent commitment to trade liberalization.
“The conclusion of the negotiations has really brought us a common vision and a common understanding of all the elements of the Cambodia-UAE CEPA. Since the launch of the UAE-Cambodia CEPA, we believe that the agreement will definitely be another great driver for our mutual growth and development .prosperity by nurturing supply chains, enhancing trade flows, and promoting bilateral investment between Cambodia and the UAE,” he added.
The agreement will be a catalyst for stronger ties between ASEAN and the Arab world, two regions that are among the most economically dynamic in the world.
The UAE’s new foreign trade agenda is a central component of the country’s growth strategy, which seeks to double the size of the economy from $381 billion to $762 billion by 2030. The UAE has now signed CEPA with India, Israel, Indonesia and Turkey and will complete negotiations with other strategically important countries in the coming weeks.
The Royal Government of Cambodia supports globalization by opening up international trade to ensure that cooperation is at the heart of sustainable and inclusive economic development. To this end, Cambodia has bilateral free trade agreements with China and South Korea respectively, as well as large free trade agreements under ASEAN and RCEP. (ANI/WAM)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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