A spokesman for the Ministry of Commerce explained that it would take a long time for a joint agreement to be signed soon because both sides need to be carefully scrutinized, and on the other hand, because of Covid 19 as an obstacle.
His excellency Pen Sovicheat, the spokesman for the Ministry of Commerce, confirmed that if there is no change, Cambodia and Korea will sign a bilateral free trade agreement (FTA) no later than October.
It should be noted that Cambodia officially started negotiations on a free trade agreement with South Korea on July 9, 2020. The talks come after the two sides have been studying the possibility of working together for several months, since November 2019.
According to the press release of the Ministry of Commerce, The Cambodia- South Korea Free Trade Agreement, furthermore, aims to strengthen the economic partnership and liberalize bilateral trade between the two economies in a mutually beneficial manner by creating more economic and social benefits for the peoples and businesses of both countries.