South Korea-Cambodia FTA: Tariffs on automobiles and agricultural products disappear

Published 2021년 2월 3일

Tridge summary

Despite the COVID-19 pandemic, Korea and Cambodia have managed to eliminate a significant portion of tariffs on their exports to each other. The deal, which was signed after four rounds of negotiations, will see tariffs eliminated on 95.6% of Korea's exports to Cambodia, including automobiles, heavy construction equipment, and agricultural and marine products. This is expected to boost the competitiveness of Korean companies in the Cambodian market. The FTA will also strengthen the value chain between the two countries by abolishing mutual tariffs on items with a supply chain between them. The deal is seen as a way for the two countries to overcome the challenges caused by the pandemic and achieve sustainable economic growth.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In spite of the Corona 19 situation, out of the shortest-term negotiated items, 95.6% of Korea and 93.8% of Cambodia's tariffs were eliminated. Tariffs will disappear on 95.6% of Korea's exports to Cambodia, such as automobiles, heavy construction equipment, and agricultural and marine products. On the 3rd, the Ministry of Trade, Industry and Energy announced that Yu Myung-hee, head of the trade negotiation headquarters and Cambodian Minister of Commerce Pan Sorasak, announced the conclusion of the Korea-Cambodia FTA negotiations and signed a joint declaration. The two countries agreed to promote an FTA on the occasion of the Korea-Cambodia summit in March 2019, and after four formal negotiations, starting with the negotiations in July last year, the results of the agreement were reached. Excluding the new coronavirus infection (Corona 19) last year, Cambodia has recorded more than 7% annual economic growth over the past 10 years. About 65% of the population under the age of 35 ...

Source: Donga