Korea-Cambodia FTA Negotiations Begin: "ASEAN Production and Trade Hub... Growth Potential Up"

Yoo Myung-hee, Chief Trade Negotiator, Ministry of Trade, Industry and Energy / Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Bo-kyung] Yoo Myung-hee, Chief Negotiator of Trade at the Ministry of Trade, Industry and Energy, officially announced the launch of the Korea-Cambodia Free Trade Agreement (FTA) negotiations through a video conference with Pan Sorasak, Minister of Commerce of Cambodia, on the 9th.

Since agreeing to pursue a bilateral FTA during the Korea-Cambodia summit in March last year, the two countries have conducted intergovernmental working-level consultations and joint FTA research. Recently, both sides completed domestic procedures and declared the start of negotiations this time.

Chief Negotiator Yoo stated, "We welcome the commencement of FTA negotiations with Cambodia, which has great potential to grow as a production and trade hub in ASEAN," and added, "Both countries have agreed to swiftly advance the negotiations aiming to achieve results within this year."

She further mentioned, "Through the conclusion of the Korea-Cambodia FTA, we expect to create a turning point that will enhance the competitiveness of our companies in the Cambodian market and strengthen economic cooperation such as expanding trade and investment between the two countries."

With the launch of the Korea-Cambodia FTA negotiations on this day, the two countries plan to hold the first official negotiation within this month.

Both sides agreed to focus discussions on areas of mutual interest such as market opening for goods and cooperation. Considering the COVID-19 situation, they agreed to conduct negotiations by combining video and face-to-face meetings.

Meanwhile, during the meeting, Minister Pan Sorasak highly evaluated Chief Negotiator Yoo, who is running for the next Director-General of the World Trade Organization (WTO), for her diverse experience, insight, and expertise demonstrated in the trade field.

He expressed hope that based on Chief Negotiator Yoo’s political leadership, there will be good outcomes in the upcoming WTO Director-General election process.