The agreement will help boost and diversify bilateral trade by substantially eliminating tariffs, reducing non-tariff trade barriers and promoting trade in goods, services and investment.
The UAE will benefit from new export opportunities in machinery, oils and lubricants, and cars and automotive parts, as well as investment opportunities in logistics and infrastructure, travel and tourism projects and renewable energy, Gulf media outlets reported.
Cambodia will gain from fresh opportunities for its key export items, including apparel, footwear and leather goods, grains, fruits, meat and processed food.
UAE-Cambodia economic ties resulted in non-oil trade exceeding $401 million 2022—a growth of 31 per cent compared to the 2021 figure and 146 per cent more on the pre-COVID year of 2019.
Al Zeyoudi termed the signing as another important step in the UAE’s foreign trade agenda, launched in September 2021.
The UAE has signed CEPAs with India, Israel, Indonesia and Turkey, and is set to conclude negotiations with several other strategically important countries.
Fibre2Fashion News Desk (DS)