The UAE and Cambodia have struck a comprehensive economic partnership agreement, with the aim of doubling domestic non-oil trade from $407 million in 2022 to $1 billion within five years.

The agreement was signed by Foreign Trade Minister Dr. Thani Bin Ahmed Al-Sioodi and Cambodian Trade Minister Ban Churasak at a special ceremony held in the Cambodian capital, Phnom Penh. In the presence of Cambodian Prime Minister Hun Sen.

A statement released yesterday indicated that the agreement aims to advance trade and investment relations between the two countries to a new level of partnership and joint economic development.

The two countries announced last April that they had concluded negotiations on the agreement, which aims to eliminate or reduce tariffs, overcome non-tariff trade barriers, improve exchange of goods and services, stimulate and diversify intra-non-oil trade. Facilitating the flow of inward-investment and providing greater opportunities for both my communities. Business in both countries to build partnerships that contribute to common development.

The Comprehensive Economic Partnership Agreement between the United Arab Emirates and Cambodia, after its official signing, opens wide opportunities to advance trade and investment relations between the two countries to a new level of partnership and economic integration.

“The Comprehensive Economic Partnership Agreement with Cambodia provides the UAE with an important bridge at the heart of the fast-growing Asian economy, and offers promising opportunities for joint development for the business communities of both countries,” said Al-Siodi.

Once in force, the Comprehensive Economic Partnership Agreement between the UAE and Cambodia will ensure better access for UAE products to the Cambodian market, which covers 92% of tariff lines and more than 93% of the value of non-oil trade with Cambodia. .

The agreement gives the UAE access to a wide range of service sectors in the Cambodian market as it covers most of the major service sectors and sub-sectors.