The Free Trade Agreement between Cambodia and China will be signed today, during a two-day state visit by China’s Foreign Minister Wang Yi in Phnom Penh.
Prime Minister Hun Sen will witness the signing of the FTA and two other important documents namely the Exchange of Note for the Feasibility Study on the Project of Improvement Preah Sihanouk Provincial Referral Hospital, as well as the Exchange of Note for the Feasibility Study on the Project of the Municipal Sewerage System Development Project in Preah Sihanouk province, the announcement added.
The FTA will list around 340 more commodities to be exported to China under the agreement.
According to the Ministry of Commerce, most of the products are in agriculture and agro-processing and are in addition to what Cambodia has received from the ASEAN-China FTA.
The 340 products will include items such as pepper, chilis, pineapples, vegetables, fruit, fish, meat (including processed), grain, crabs, seafood, and a variety of canned products.
Among the additional 340 commodities in the Cambodia-China FTA, 95% of them will be untaxed. Taxes will be dropped on the remaining 5% in at least 10 years.
This is a long-awaited meeting and we are happy that this FTA is a fact now!