With the aim of doubling non-oil intra-oil trade to one billion dollars within 5 years

UAE, Cambodia officially sign Comprehensive Economic Partnership Agreement

Al-Zeyoudi signed the agreement with the Cambodian Minister of Trade in the presence of the Prime Minister of Cambodia. From the source

The UAE and Cambodia have signed a comprehensive economic partnership agreement to double non-oil intra-oil trade from $407 million in 2022 to $<> billion within five years.

The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and the Cambodian Minister of Trade, Ban Surasak, signed the agreement during a special signing ceremony held in the Cambodian capital Phnom Penh, in the presence of Cambodian Prime Minister Hun Sen.

A statement issued yesterday indicated that the agreement aims to upgrade trade and investment relations between the two countries to a new level of partnership and joint economic growth.

Last April, the two countries announced the completion of talks on this agreement, which aims to stimulate and diversify non-oil intra-oil trade by eliminating or reducing customs duties, overcoming non-tariff trade obstacles, promoting the exchange of goods and services, facilitating the flow of bilateral investments, and providing more opportunities for the business communities in the two countries to build partnerships that contribute to joint growth.

The Comprehensive Economic Partnership Agreement between the UAE and Cambodia, after its official signing, opens up broad prospects for elevating trade and investment relations between the two countries to a new level of partnership and economic integration.

"The Comprehensive Economic Partnership Agreement with Cambodia provides the UAE with an important bridge at the heart of the fast-growing Asian economy and offers the business communities of both countries promising prospects for shared growth," Al Zeyoudi said.

When it comes into force, the UAE-Cambodia Comprehensive Economic Partnership Agreement ensures better access for UAE products to the Cambodian market, covering 92% of tariff lines and more than 93% of the value of non-oil trade with Cambodia.

The agreement also provides the UAE with access to a wide range of service sectors in the Cambodian market, covering most of the main service sectors and sub-sectors.