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DUBAI, April 27 (Reuters) – The United Arab Emirates (UAE) and Cambodia have agreed terms for a bilateral trade deal, as the Gulf nation looks to strengthen trade and business ties in strategic economic sectors, especially in Asia.
The two countries completed negotiations on the Comprehensive Economic Partnership Agreement (CEPA), known as the Trade Agreement, within six months of its launch, according to a statement carried by the UAE’s state news agency WAM.
Once implemented, CEPA will remove many tariffs on Cambodian agricultural products, leather goods, clothing and footwear, while opening up new markets for the UAE’s manufacturing and industrial sectors.
“Cambodia’s food production and agricultural sector is an important part of its economy and will also help us achieve our food security goals,” Thani Al Zeyoudi, UAE Minister of Foreign Trade, said in the statement.
Launched in 2021 as the global economy recovers from the impact of the COVID-19 pandemic, CEPA is a key element of the UAE’s economic development strategy, which aims to double the size of the economy to $762 billion by 2030.
The Gulf state has already signed CEPA with India, Indonesia, Israel and Turkey, and is negotiating similar agreements with several others, including Costa Rica, Kenya and Ukraine.
Non-oil trade between the UAE and Cambodia will exceed US$401 million in 2022, up 31 percent from the previous year, while bilateral foreign direct investment will reach nearly US$4 million by the end of 2020.
Reporting by Rachna Uppal
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