The UAE and Cambodia have finalised the terms of a Comprehensive Economic Partnership Agreement (CEPA), paving the way for a new era of trade and investment cooperation.
The successful conclusion of negotiations was confirmed with the signing of a joint statement by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Pan Sorasak, Cambodia’s Minister of Commerce.
The CEPA will help increase and diversify bilateral trade by substantially eliminating tariffs, reducing non-tariff trade barriers, and promoting trade in goods, services, and investment.
It builds on growing UAE-Cambodia economic relations that, in 2022, resulted in non-oil trade exceeding $401 million, which represents a growth of 31 per cent compared to 2021.
The Cambodian economy is one of the most promising in South-East Asia, enjoying 5.1 per cent growth in 2022.
The latest deal will deliver new opportunities for its key exports, which include grains, fruits, meats, processed foods, apparel, footwear and leather goods.
The UAE will benefit from new export opportunities in machinery, oils and lubricants, and cars and automotive parts, as well as investment opportunities in logistics and infrastructure, travel and tourism projects, and renewable energy.
Dr. Al Zeyoudi heralded the signing as another important step in the UAE’s foreign trade agenda, which was launched in September 2021.
"Cambodia is one of the fastest-growing economies in South-East Asia and this deal will help strengthen East-West supply chains, deliver an important new market for our manufacturers, investors, and service providers, and offer their exporters an important platform for global expansion," he said.
The UAE’s new foreign trade agenda is a core component of the nation’s growth strategy that seeks to double the size of the economy from $381 billion to $762 billion by 2030.
The UAE has already signed CEPAs with India, Israel, Indonesia, and Turkey, and is set to conclude negotiations with other nations in the coming weeks.
Another milestone for the #UAE: HE Pan Sorasak, #Cambodia’s Minister of Commerce, and I have agreed the terms of a Comprehensive Economic Partnership Agreement between our nations, paving the way for an alliance of growth with one of SE Asia’s most promising economies. 🇦🇪🇰🇭 pic.twitter.com/TtX8iVNDUb
— د. ثاني أحمد الزيودي (@ThaniAlZeyoudi) April 27, 2023
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