Cambodia ratifies ASEAN economic agreements with China, Japan, S. Korea

http://www.chinaview.cn/
2009-10-16
(Posted by CAAI News Media)

PHNOM PENH, Oct. 16 (Xinhua) -- Cambodian National Assembly on Friday ratified the ASEAN economic cooperation agreements with China and South Korea while on Thursday, the legislature approved the ASEAN comprehensive investment agreement and also the ASEAN-Japan economic cooperation agreement.

"These agreements need to be approved urgently because they will be handed over to head of the government (Prime Minister Hun Sen) who will work on it with other countries in the upcoming ASEAN Summit in Thailand on Oct. 23-25," said Kong Vibol, secretary of state of Ministry of Finance, and representative of government to defend these agreements at the National Assembly.

"These new agreements will attract foreign partners to invest and make business here in the context of the global financial crisis," he said, adding that "we will get the benefits from the agreement framework."

"We hope to enlarge our trade and investment with these countries," he noted.

ASEAN signed the agreement with China in January 2007 in Philippines, with South Korea in November, 2007 in Singapore and with Japan in April, 2008 in Cambodia.

According to report from Cambodia's Commerce Ministry, bilateral trade volume in 2008 between Cambodia and China was worth about 794 million U.S. dollars.

For the bilateral trade between Cambodia and South Korea in 2008, Cambodia's imports from South Korea were about 309 million U.S. dollars, and its exports to South Korea reached to about 294 million U.S. dollars. So far this year the two-way trade volume was worth about 120 million U.S. dollars. South Korea is the biggest investment partner on construction and real estate last year.

At the same time, the bilateral trade between Cambodia and Japan was worth over 100 million U.S. dollars in 2008. Cambodia's exports to Japan amounted to over 31 million U.S. dollars. Japan is the biggest donor for Cambodia.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Editor: Mu Xuequan