Cambodia and Canada agree to further strengthen investment ties
Bilateral trade between Cambodia and Canada has seen a significant increase as reflected through Cambodia’s export to Canada under a tariff-free and quota-free program worth $954.82 million by 2022, says Pan Sorasak, Minister of Commerce.
Trade ties have driven both countries to enhance cooperation to boost the investment and education sectors including the development of small and medium enterprises besides trade negotiations.
The Asean-Canada Free Trade, as well as the development of other auxiliary projects such as human resource development and technical development for Cambodia, Sorasak, said are among the other cooperation between Canada and Cambodia.
The minister also sought the Ambassador’s assistance to conduct a feasibility study on the possibility of establishing a Cambodia-Canada Bilateral Free Trade Agreement.
He requested for a business meeting between Canadian investors who have invested in Thailand and Laos to also consider Cambodia in order by leveraging on the Cambodia-China Bilateral Free Trade Agreement (CCFTA) Cambodia-Korea Bilateral Free Trade Agreement and the recently concluded Regional Comprehensive Economic Partners Agreement (RCEP).
Sorasak explained that Cambodia has reformed and enacted several new investment laws to facilitate a better business environment here.
“Cambodia has always supported Canadian investors who are investing in Cambodia. In fact, ABA Bank is the third leading bank in Cambodia and Manulife Insurance Company has been licensed and shared its expertise with Cambodia.
“Technical assistance under the Canadian Trade and Investments Framework (CTIF) is the best practice of cooperation with Canada in assisting in the reform of investment and trade policy.
“In addition, he has requested the Canadian side to continue its assistance under the CTIF project on technical assistance to Cambodia in relation to SME capacity development, exhibition participation,” Sorasak said.
Sarah Taylor, Ambassador of Canada commended Cambodia’s efforts in overcoming challenges to lead the Association of Southeast Asian Nations (Asean) as it chairs the association this year despite handling the Covid-19 crisis.
She appreciated efforts in maintaining and strengthening relations with Canada and the ASEAN.
Taylor has assured Canada would promote the Asean-Canada Free Trade Negotiations and examine the feasibility studies on the possibility of establishing a Cambodia-Canada Bilateral Free Trade Agreement in line with the trade policy.
“Canada under the new administration wishes to increase its trade with the Asia-Pacific region, as Canada has always supported Cambodia’s ASEAN chairmanship.
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