The CEPA is expected to improve bilateral ties between the two countries and promote trade and investment flows, particularly between the Association of Southeast Asian Nations (ASEAN) and the Middle East. It is a type of free trade agreement that goes beyond the traditional coverage of commodities and includes provisions for services, investments, dispute resolution, intellectual property rights, government procurement, and other forms of economic cooperation.
Cambodia and the UAE have successfully concluded the third and final round of talks regarding their CEPA. Both nations have agreed on their CEPA’s text, chapters, and annexes, covering a range of issues such as trade in goods and services, investment, rules of origin, technical barriers to trade, intellectual property, and economic and technical cooperation.
The two countries have also agreed to hold a formal closing ceremony for their CEPA during the UAE’s minister of state for foreign trade Thani bin Ahmed al-Zeyoudi’s visit to Cambodia next month. The announcement was made following the successful conclusion of the final round of talks taking place in Dubai from February 20-22, according to local media reports.
No official signing date has been given for the CEPA, but local officials expect it to be signed by the end of the year.
Cambodia-UAE trade was worth $105 million in 2022, down by 28.57 per cent from $147 million in the previous year. Cambodian exports to the UAE totalled $70 million, up by 34 per cent year-on-year, while imports from the UAE were valued at $35 million, down by 63 per cent year-on-year.
Fibre2Fashion News Desk (NB)