PHNOM PENH: The Prime Minister of Cambodia has announced that the Cambodia-Korea Free Trade Agreement will enter into force on 1 December 2022. This announcement was made by the Prime Minister during the high-level forum held for the occasion of the 10th anniversary of the ASEAN Agreement on Wednesday morning, 2 November.

Signed on 26 October 2021 by the Minister of Commerce, Pan Sorasak, and the Minister of Commerce of the Republic of Korea, Yeo Han-Koo, Cambodia expects the Cambodia-Korea Free Trade Agreement to boost exports, increase the gross domestic product (GDP) and increase employment, which will help revive the economy from the effects of Covid-19.

This agreement will be a major driving force in boosting trade and investment flows between Cambodia and South Korea with mutual benefits, and will especially help to accelerate the economic recovery of the two countries after the severe impact of the Covid-19 pandemic.

In addition, the free trade agreement will contribute to the promotion of long-term partnerships, will strengthen economic partnerships and market access, including the export of Cambodian products to South Korea, will allow for the transfer of technology, knowledge and skills from South Korea and abroad, and will create new jobs.