PHNOM PENH: The Senate convened for its eighth session of the fourth legislature, approving the Free Trade Agreement (FTA) between the Royal Government of Cambodia and the Government of the Republic of Korea.
According to press release issued by the Senate, the draft law is designed to achieve trade liberalization between the parties in accordance with international trade law and to promote trade competition between the two countries. The trade agreement also promotes the transparency of bilateral trade and investment measures through the sharing of regulatory practices and the promotion of innovation in mutually beneficial areas, creating a framework for further promoting, expanding and enhancing cooperation.
The press release also states that the increase the importance of this agreement will promote exports and increase the volume of goods production, as well as promote national economic growth and improve people's living standards.
The statement continues that the Cambodia-Korea FTA will be an important driving force in boosting trade and investment flows between Cambodia and Korea, which will be mutually beneficial to enhance the economic interests, development, well-being of the people and business of the both country for further improvement.
The draft law has three articles and was previously approved by the National Assembly by 102 votes on 25 November 2021 at the sixth session of the sixth National Assembly. The Minister of Posts and Telecommunications, Chea Vandeth, was accompanied by senior officials and experts who came to defend the draft law at the Senate.
According to the press release, in addition to approving the Cambodia-Korea FTA, the Senate session proceeded with five other agendas:
1. Listen to the report of the Standing Committee on activities and results of the Senate between the 7th and 8th sessions of the 4th Senate:
During the period between the Senate sessions, the leaders of the Standing Committees, the committee members, regional groups, and senators worked together to fulfill their respective duties with a high sense of responsibility and achieved fruitful results for the benefit of the nation and its people.
Outstanding activities have been focused on grassroots action through participation in the campaign against the spread of Covid-19, and the attention of leaders and senators to the well-to-do people, addressing requests and challenges as well as contributing to development in all areas at the sub-national level. The 10 committees and groups, who are the staff of the Senate, met with ministries-institutions and sub-national authorities to study and understand the progress of work in the field and strengthen good cooperation with authorities at all levels.
The leaders and senators also commended the Royal Government, led by Prime Minister Hun Sen, all other levels of government and all citizens for controlling the situation of Covid-19 in the country with vigor and a high sense of responsibility, making Cambodia strong in internal unity, strong and effective, and achieving success step by step, which allowed the country to reopen.
2. Recognition of the new Senator for the 4th term in place of the late Lady Excellency O Sokhom:
Lady Excellency Chak Heng was announced as a member of the Senate of the 4th legislature and 8th Constituency (Kampong Thom, Preah Vihear, Kratie, Stung Treng, Ratanakiri and Mondulkiri provinces) replacing the late Lady Excellency O Sokhom. Lady Excellency Chak Heng, the new senator, must be sworn in before taking office.
3. Election of members of the Economic, Financial, Banking and Senate Audit Committee of the 4th Senate.
Senator New Song was elected as a member of the 8th Senate, 4th Legislature, and Member of the Senate Committee on Economy, Finance, Banking and Auditing with 58 votes.
4. Review and comment on the draft law on the amendment of the law on commercial enterprises.
These draft laws are designed to improve the ranking of the business environment in Cambodia, to create better conditions and unhindered barriers for doing business in the Kingdom, especially to make these laws of a higher standard that is in line with global business standards to help the socioeconomic recovery of Cambodia from the Covid-19 crisis. The draft law has two articles were previously approved by the National Assembly by 102 votes on 29 December 2021 at the sixth session of the sixth National Assembly.
The Minister of Posts and Telecommunications, Chea Vandeth, was accompanied by senior officials and experts who came to defend the draft law at the Senate.
5. Review and comment on the draft law on the amendment of the Law on Commercial Rules and Commercial Registration, dated 26 June 1995, and the Law on the Amendment of the Law on Commercial Rules and Commercial Registration promulgated by Royal Law No. NS / RKAM / 1199/012, dated 18 November 1999:
These laws were implemented many years ago, however, some articles were no longer being applied due to the Royal Government's reforms on the provision of public services and the improvement of the business environment, in line with local and global trends.
This draft law consists of 2 articles and was approved by the National Assembly by 102 votes on 29 December 2021 at the sixth session of the sixth National Assembly.
The Minister of Posts and Telecommunications, Chea Vandeth, was accompanied by senior officials and experts who came to defend the draft law at the Senate.
