PHNOM PENH: The President of the National Assembly, Heng Samrin, presided over the 6th session of the 6th National Assembly on Wednesday morning, with three agendas related to domestic and foreign trade. The National Assembly is currently in the process of discussing and approving the following three draft laws on trade promotion:

1. Draft Law on Amendments to the Law on Commercial Enterprises

2. Draft Law on Amendments to the Law on Trade Rules and Business Registration

3. Draft Law on the Approval of a Free Trade Agreement Between the Royal Government of the Kingdom of Cambodia and the Government of the Republic of Korea

The Draft Law on the Amendments to the Law on Commercial Enterprises aims to contribute to the continuation of the Royal Government's Covid-19 socioeconomic recovery plan and to improve the ease of doing business in Cambodia.

The Draft Law on the Amendments to the Law on Trade Rules and Business Registration aims to facilitate trade in the technological age. In the past, the Royal Government has established procedures for business registration, taxation and notification of enterprise openings through the launching of a joint-registration system over online data exchange.

Under this draft law, some of the unnecessary conditions for registration will be removed and automation systems will be able to run more smoothly and transparently in line with high global business standards, which will help to improve the business environment in Cambodia, facilitate trade and competition, boost economic growth and contribute to the socioeconomic recovery of Cambodia from the Covid-19 crisis.

Lastly, the draft law on the approval of the Free Trade Agreement between the Royal Government of the Kingdom of Cambodia and the Government of the Republic of Korea will act as a bilateral legal standard for mutual trade between the two countries. Under this free trade agreement, Cambodian agricultural products will have access to a bigger market in South Korea, which will play an important role in improving the livelihoods of Cambodian farmers.

This draft law will further boost the flow of trade and investment between Cambodia and South Korea, further benefitting the two countries' respective economies, the well-being of the people and business connectivity, which will also help to create new jobs.