The agreement on trade promotion and facilitation for the Cambodia-Laos-Vietnam development triangle area (CLV DTA) was ratified by Cambodia’s National Assembly yesterday.
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A total of 121 out of 123 lawmakers voted in favour of the agreement, which aims to boost trade and investment among the three neighbouring nations, as well as facilitate the movement of people and vehicles.
The accord has six chapters and 24 articles and covers four Cambodian provinces (Ratanakkiri, Stung Treng, Mondulkiri and Kratie), four Lao (Attapeu, Saravan, Xekong and Champassak), and five Vietnamese (Kon Tum, Gia Lai, Dak Lak, Dak Nong and Binh Phuoc).
The agreement on trade promotion for the development triangle area was signed by representatives of the three countries in November 2016, during the ninth top summit of CLV DTA held in Siem Reap.
It will come into force 30 days after all parties ratify it.
Commerce Minister Pan Sorasak said specific topics covered under the agreement include trade shows, market research missions, market surveys and business matching, as well as customs procedures and sanitary and phytosanitary requirements for trade.
Sam Vuthy, lawmaker from the Funcinpec party, said the agreement is not balanced and that it overwhelmingly benefits Vietnam, who already enjoys a more advanced state of economic development.
Mr Vuthy added that the agreement gives Vietnam more power and an unfair advantage over the other nations in future trade deals.