UAE And Cambodia To Deepen Trade And Commerce Relationships

The UAE and Cambodia have reached an agreement on the conditions of a bilateral trade agreement, as the Gulf state seeks to deepen trade and commerce links, notably in Asia, in vital economic areas.

According to a statement released by the UAE state news agency WAM, the two countries completed discussions for a Comprehensive Economic Partnership Agreement (CEPA), as the trade agreement is known.

When fully implemented, the CEPA will remove several tariffs on Cambodian agricultural products, leather goods, textiles, and footwear, while also opening up a new market for the UAE's manufacturing and industrial sectors.

"Cambodia's food production and agricultural sectors, which are critical parts of their economy, will also help us achieve our food security ambitions," Thani Al Zeyoudi, the UAE's minister for foreign trade, said in a statement.

The CEPA plan, which began in 2021 as the world economy recovered from the effects of the COVID-19 pandemic, is a crucial component of the UAE's economic development strategy, which intends to double the country's GDP to $762 billion by 2030.

The Gulf state has signed CEPAs with India, Indonesia, Israel, and Turkey, and is now negotiating CEPAs with a number of other nations, including Costa Rica, Kenya, and Ukraine.

Non-oil commerce between the UAE and Cambodia will top $401 million in 2022, up 31% from the previous year, while bilateral FDI will reach over $4 million by the end of 2020.