SEOUL, May 13 (Korea Bizwire) — South Korea’s trade ministry said Monday it has held the first joint committee meeting with Cambodia after their free trade agreement (FTA) took effect and discussed the progress of the deal and ways to cooperate in the global supply chain.
Trade Minister Cheong In-kyo met his Cambodian counterpart, Cham Nimul, in Seoul to review the achievements of the FTA, as well as ways to further broaden ties, according to the Ministry of Trade, Industry and Energy.
The agreement took effect on Dec. 1, 2022, and calls for a higher level of market opening than the existing South Korea-ASEAN FTA.
During the meeting, the two countries acknowledged that the FTA has been playing a key role in boosting bilateral trade, noting that trade volumes have also returned to pre-pandemic levels.
“Cambodia is a geographical hub in the Mekong River area, boasting advantages in establishing supply chains for the manufacturing sector,” Cheong said in a statement.
“We hope that businesses of the two countries can fully utilize the FTA to enhance trade and enter each other’s markets,” the minister added.
(Yonhap)
