South Korea and Cambodia agreed to launch a joint feasibility study on their potential free trade agreement in a move to forge deeper economic ties and expand exchanges, Seoul’s Trade Ministry said Nov. 25.
The agreement came in line with the country’s two-day summit with the Association of Southeast Asian Nations member states held in the country’s southern port city of Busan.
“The FTA between Cambodia will become a crucial deal that helps Korean firms penetrate deeper into the Southeast Asian nation with prominent growth potential,” South Korea’s Trade Minister Yoo Myung-hee said.
South Korea and Cambodia earlier vowed to seek efforts to lift regulations in trade during the two countries‘ suit in March.
Seoul and Phnom Penh will carry out the joint study on the FTA for one year, the ministry said.
South Korea’s exports to Cambodia came to $660 million in 2018, more than doubling from $294 million in 2008. Imports also shot up to $314 million from $18 million over the cited period.
By Ram Garikipati and newswires (firstname.lastname@example.org)