Trade ties between Cambodia and Vietnam were strengthened on Wednesday following a meeting between high-ranking commerce officials in which both countries agree to drop tariffs on a number of goods.
Vietnam also agreed to expand its quota of Cambodian rice to 300,000 tonnes and tobacco leaves to 3,000 tonnes.
These are the most significant points agreed upon at Wednesday’s meeting, which was presided over by Cambodian Commerce Minister Pan Sorasak and Do Quoc Hung, representative of the Vietnamese Ministry of Industry and Trade.
“In the meeting, Vietnam agreed to grant zero duty privileges to 32 Cambodian goods, and agreed to implement a 300,000-tonnes quota for Cambodian rice and 3,000 tonnes for tobacco leaves for 2019 and 2020,” Mr Hung said, according to a statement issued by the Cambodian Ministry of Commerce on Wednesday.
“In return, the Cambodian side agreed to give zero duty privileges to 26 Vietnamese goods,” he added.
Mr Sorasak thanked the Vietnamese delegation for their cooperation and for being a good neighbour.
“The two countries have worked hard and achieved a good deal, which will be signed soon,” the minister said.
Long Kem Vichet, spokesman of the Ministry of Commerce, said an agreement containing the different points agreed upon during Wednesday’s meeting will be signed the next time a Vietnamese delegation visits the Kingdom.
“The quota for rice and tobacco will become effective on the date the agreement is signed, and people of both countries will be able to buy a range of products without paying duty,” Mr Vichet said.
Last year, Cambodia and Vietnam agreed on a speedy implementation of mechanisms to facilitate trade, achieve faster transport connectivity, and apply one-stop services at border gates to help achieve a $5 billion bilateral trade target.
The two countries are determined to boost border trade activities to realise the target of $5 billion in bilateral trade in the short run.
Two-way trade reached $3.8 billion in 2017, up 25 percent over the previous year.