The Ministry of Commerce (MoC) is committed to strengthening bilateral trade ties with the United Arab Emirates (UAE) through the Cambodia-UAE Comprehensive Economic Partnership Agreement (CAM-UEA CEPA). The MoC aims to enhance cooperation in the digital sector, environment, competition, and youth capacity development to adapt to the rapid technological advancements.
Minister of Commerce Cham Nimul recently led a delegation to the Fortune Global Forum 2023 held in Dubai. During a session on ‘Globalization and The Future of Trade,’ Nimul discussed the progress and trade opportunities between Cambodia and the UAE. Regional and global trade integration, particularly the connection between ASEAN and the Gulf Cooperation Council, was highlighted as vital for sustainable economic development, supply chain engagement, and innovation promotion.
Nimul and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi discussed the potential to expand trade in various sectors through the CAM-UAE CEPA. Additionally, they emphasized the role of developed and developing countries in the digital sector, environment, competition, youth capacity development, and adapting to technological advancements.
The ministers also explored the prospects of strengthening and expanding bilateral trade. They focused on investment opportunities in Cambodia’s agricultural products, specifically the rice sector, tourism, food safety, and vocational skill development to match growing industries in both countries.
During her visit, Nimul toured the Cambodia Private Commercial Center in Dubai to gain more insight into the center’s progress and development direction. She discussed potential trade opportunities under the CAM-UAE CEPA agreement that could materialize in the near future.
Furthermore, Minister Nimul held a courtesy meeting with Chenling Zhang, CEO of OneRoad Group, to discuss the current investment environment in Cambodia and the business activities of companies operating in both countries.
In June, the CAM-UAE CEPA was signed, representing a significant milestone witnessed by former Prime Minister Hun Sen. The agreement aims to reduce or eliminate tariffs, remove trade barriers, and create new avenues for strategic investment. The UAE, aiming to reduce dependence on fossil fuels, considers the trade strategy a key pillar of its economic growth plans.
In 2022, non-oil trade between the UAE and Cambodia reached $407 million. The goal is to surpass $1 billion by 2028.
In conclusion, Cambodia and the UAE are determined to enhance trade relations through the CAM-UEA CEPA and promote cooperation in various sectors. Both countries recognize the importance of connecting regional and global trade, adapting to technological revolutions, and pursuing sustainable economic development.
Source: Khmer Times