Sorasak and a team from the Ministry of Commerce had a virtual meeting with Twyford and his colleagues on Tuesday.
The two sides exchanged views on economic and trade cooperation progress under the regional framework, with a briefing on the progress of the Australia-New Zealand Free Trade Agreement (AANZFTA). It is one of Cambodia’s other economic priorities for 2022 under the fourth key strategic goal of Asean globalisation for growth and development. The minister also urged to expedite negotiations on the remaining issues to complete the AANZFTA with its deadline in 2022.
He also briefed on the progress of the ratification process on the Regional Comprehensive Agreement (RCEP) of the Asean Member States, which is completing domestic procedures for its full entry into force. It is an economic priority achievement under Cambodia’s Asean chairmanship for 2022.
Meanwhile, Royal Academy of Cambodia researcher Hong Vannak reiterated that the volume of bilateral trade between Cambodia and New Zealand is small compared with markets like the US, Europe, and China. But New Zealand has a large Cambodian population living there.
“There is an RCEP mechanism where we can enhance bilateral trade relations,” he said, adding, “With New Zealand, Cambodia does not have a bilateral free trade agreement yet, as Cambodia and New Zealand trade is not dominant. At the same time, Cambodia has increased bilateral trade agreements with China and South Korea and Japan,” he pointed out.
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Author: Sok Sithika
Source: Khmer Times
April 07, 2022
