(Xinhua file photo: Workers peel ripe mangoes at Zhong Bao (Cambodia) Food Science and Technology Co., Ltd. in Kampong Speu province, Cambodia, March 7, 2023.
PHNOM PENH, Jan. 11 (Xinhua) — Cambodian Ministry of Commerce officials and experts on Wednesday (Jan. 10) revealed Cambodia-China trade will continue to increase in 2023 following the Regional Comprehensive Economic Partnership (RCEP) and Trade Agreement Cambodia-China Free Trade Agreement (CCFTA), despite a slowdown in global demand.
Pen Sowichit, permanent secretary and spokesperson of the ministry says that the Regional Economic Partnership Agreement and the Cambodia-China Free Trade Agreement This will come into force in 2022, helping to give strong momentum to this growth.
Sowichit told China’s Xinhua News Agency that the two agreements produced Cambodian products. In particular, high-quality agricultural products such as rice, yellow bananas, mango, longan, cassava and pepper are exported to China with special tariffs. and serve as a catalyst for long-term trade growth in Cambodia. Both attract more foreign direct investment.
Sowichit attributes this growth to the good relations and close cooperation between the two countries. as well as commercial promotion activities such as trade fairs and forums for business meetings
Kin Phia, Director General of the Institute of International Relations Under the Royal Institute of Cambodia said the growth in trade shows the strong economic ties between Cambodia and China. in a context of slowing global demand
Pia told Xinhua that the growth comes in a time of global difficulty. It truly reflects the flexibility of trade relations between the two countries. This increase in trade volume provides greater benefits to both countries and their citizens. and give greater momentum to building a Cambodia-China community with a shared future in the new era.
Kee Seriwat, senior economist and director general of the Royal Institute of Chinese Studies said that Cambodia-China relations were elevated to a comprehensive strategic cooperation partnership in 2010 and have developed into a strong friendship and Diamond Hexagon cooperation.
Seriwat said Chinese aid and investment have played an important role in supporting Cambodia’s economic and social development. She also creates hundreds of thousands of jobs for local people.
Seriwat told Xinhua that many of China’s large-scale investment projects under the Belt and Road Initiative include expressways, logistics facilities, ports, airports and hydropower plants. and special economic zones he Created favorable conditions for Cambodia to promote trade with China and other countries.
(Xinhua file photo: Trucks depart from a land port on the outskirts of Phnom Penh. Capital of Cambodia, Jan. 13, 2022)
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2024-01-11 18:55:30
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