Cambodia and Vietnam have signed an agreement to promote bilateral trade for 2023-2024, noting that it is an important mechanism that will promote and enhance bilateral cooperation in all sectors.

The June 2 online signing ceremony was witnessed by Minister of Commerce Pan Sorasak and Vietnam's Minister of Industry and Trade Nguyen Hong Dien. The function was attended by several leaders and specialist officials from the two ministries.

Sorasak described relations between Cambodia and Vietnam as close and long-established. The relationship is an important mechanism for promoting economic, trade and investment cooperation on the basis of good neighbourliness, traditional friendship and cooperation and comprehensive cooperation, for the mutual benefit of both nations.

“We initiated this trade agreement under the guidance of the leaders of our two countries through a joint Cambodian-Vietnamese statement between the Cambodian and Vietnamese Prime Ministers, who agreed the statement in 2005 in Hanoi, Vietnam to establish a preferential tariff policy for goods that originate in our respective countries,” he added.

“To date, representatives of our two ministries have resigned this document on seven occasions and agreed to renew this bilateral trade facilitation agreement through diplomacy once,” he concluded.

Hong Dien said the bilateral trade facilitation agreement for 2023-2024 is an important document for businesspeople, especially exporters and importers. The agreement will boost exports and imports between the two countries, in addition to the ASEAN Framework Agreement on Goods.

“Although the world has been hit the Covid-19 pandemic, the two of our governments have made efforts to bolster their nations. It is important for the signing and implementation of this agreement to continue to increase the volume of trade, especially in terms of agricultural and industrial goods,” he continued.