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Cambodia, RoK to sign FTA soon

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President of the Republic of Korea Moon Jae-in (left) and Prime Minister Hun Sen. (Photo: Yonhap News)

The Republic of Korea has said that it has made further progress in fleshing out details for the planned free trade agreement (FTA) with Cambodia as Seoul seeks to broaden economic ties with Southeast Asian nations and diversify its export portfolio.

The RoK plans to hold a public hearing on the envisioned FTA today by inviting related experts, which is mandatory under the local law before seeking a commerce treaty according to the Ministry of Trade, Industry and Energy.

In November, the two countries launched a joint feasibility study on their potential FTA in line with the RoK’s summit with ASEAN.

They completed the study last month and agreed to start domestic procedures to pave the way for official talks.

The RoK’s exports to the Kingdom reached $696 million last year up 5.5 percent from a year earlier.

Its imports from the Southeast Asian country came to $335 million, up 6.8 percent year-on-year.

The country mainly shipped textile materials and used freight trucks to Cambodia and imported finished clothing goods. /VNA

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