PHNOM PENH: The spokesperson of the Ministry of Commerce, Pen Sovicheat has confirmed on Monday that tomorrow Cambodia and Korea will officially sign a free trade agreement (FTA) through a videoconference. The signing will have the presence of Cambodia’s Minister of Commerce Pan Sosak and the Korean Counterpart. That’s the second free trade agreement between both nations and is aimed to promote Cambodia's exports to Korea, including garments, textiles, electronics and especially agricultural products.

The agreement will pass through the Council of Ministers, then to the National Assembly and the Senate, before being signed by the King of Cambodia. If accepted by all political sectors, the Cambodia-Korea Free Trade Agreement will be launched in 2022.

Bilateral trade relations between Cambodia and Korea have been running smoothly. In the first eight months of 2021 the trade volume between Cambodia and Korea reached more than $514 million, an increase of 11.52% compared to the same period in 2020. During the same time, Cambodia exported more than $129 million to Korea, while imports from Korea amounted more than $385 million. For the whole of 2020, the trade volume between Cambodia and Korea reached a total of $729.13 million, an increase of 17.31 percent compared to 2019 of $881.76 million.