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Cambodia, Russia pledge to increase bilateral trade
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2020-04-01 14:00
The Kingdom of Cambodia and the Russian Federation have pledged to increase their bilateral trade and investment as the Kingdom seeks to diversify its external markets through the inking of a free trade accord with the Eurasian Economic Union (EAEU).

The EAEU’s five member states, namely Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, have a total population of more than 183 million people and a combined GDP of around US$5 trillion.

Since 2015, Cambodia and Russia have signed 51 agreements to boost trade and investment in the financial, agricultural and other sectors. Last year, bilateral trade topped US$55 million, and more than 55,000 Russian tourists visited the Southeast Asian nation.

The two sides are currently engaged in talks on 14 memorandums of understanding focusing on tourism, education, law, and youth development which are expected to be signed in the near future.

In 2016, Cambodia and the EAEU signed an MOU on enhancing their trade cooperation. As Cambodia is still classified by the World Trade Organization as a Least Developed Country, 46 Cambodian products can enter the EAEU market duty-free within the next three years.

Sources: Phnom Penh Post, Khmer Times
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Update: 2020-04-23
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