PHNOM PENH: The Council of Ministers has approved the submission of the "Draft Law on the Approval of the Cambodia-Korea Free Trade Agreement for approval by the legislature during the plenary session on Thursday.

Two more draft amendments to the law on trade were also approved, including the draft Law on the Amendment of the Law on Commercial Enterprises and Draft Law on the Amendment of the Law on Commercial Rules and Commercial Registration. The draft mid-term evaluation report on the implementation of the Industrial Development Policy 2015-2025 was also approved by the Cabinet today.

Government spokesman Phay Siphan confirmed to EAC News that after review and approval by the Council of Ministers, these laws will be sent to the National Assembly next week.

On 26 October the Minister of Commerce Pan Sosak, formally signed the Cambodia-Korea Free Trade Agreement with the Minister of Commerce of the Republic of Korea Yeo Han-Koo. Cambodia expects the FTA to boost exports, increase gross domestic product and increase employment, which will help revive the economy from the effects of Covid-19.

The Cambodia-Korea Free Trade Agreement consists of 10 chapters and 131 articles covering trade in goods, including technical standards, compliance procedures, hygiene and phytosanitary measures, trade barriers, origin rules, customs procedures and trade facilitation as well as economic cooperation, transparency, dispute resolution mechanisms, claims, institutional arrangements and final regulations.