Cambodia-Korea FTA Takes Effect November 2, 2008
Posted by chandrapong007 in Cambodia, Economics.
Tags: Cambodia-Korea FTA
A free trade agreement for commodity trade with Cambodia has taken effect.
The Korean Finance Ministry says Cambodia has completed the necessary procedures for the implementation of the product trade agreement between Korea and the Association of Southeast Asian Nations, or ASEAN.
Starting Saturday, tariffs will be lifted on over ten-thousand products imported from Cambodia.
But tariffs will remain on 108 items that will affect domestic industries, such as fruits and meat.
The Korean-ASEAN product trade agreement went into effect in June of last year. With the Cambodian implementation, the pact will now affect all nine ASEAN member countries.
The trade volume between Korea and Cambodia reached three hundred million dollars last year. Korea posted a 270 million-dollar trade surplus with the Southeast Asian country.