Cambodia and the Republic of Korea (RoK) agreed on July 9 to launch official negotiations for a bilateral free trade agreement (FTA), paving the way for the RoK, Asia's No. 4 economy, to make further inroads into the Southeast Asian market and boost exports.
Hanoi (VNA) 🥀– Cambodia and the Republicof Korea (RoK) agreed on July 9 to launch official negotiations for a bilateralfree trade agreement (FTA), paving the way for the RoK, Asia's No. 4 economy,to make further inroads into the Southeast Asian market and boost exports.
According to Yonhap News Agency, theannouncement came more than a year after Cambodian Prime Minister Hun Senproposed making preparations for a free trade deal during his summit with RoKPresident Moon Jae-in in Phnom Penh in March 2019.
The two countries have carried out a jointfeasibility study over the first five months of this year.
RoK Trade Minister Yoo Myung-hee said in astatement that amid the spread of COVID-19, it has become more important forhis country to expand cooperation with Southeast Asian countries.
She noted the RoK is pleased to launch FTAnegotiations with Cambodia, which can potentially rise as the new hub ofproduction and trade in ASEAN, adding that the two countries will make effortsto come up with a meaningful result within this year.
The two sides are likely to hold their firstround of talks in July.
Their trade volume reached an all-time high of 1billion USD in 2019, up 6 percent from a year earlier. That included 697million USD of the RoK’s shipments, up 5.5 percent on-year, according to thedata compiled by the Korea International Trade Association.
The increase was significant as the NortheastAsian country’s annual exports fell more than 10 percent year-on-year in 2019amid the trade row between the US and China./.
The Republic of Korea said on June 11 that it has made further progress in fleshing out details for the planned free trade agreement (FTA) with Cambodia, as Seoul seeks to broaden economic ties with Southeast Asian nations and diversify its export portfolio.
Trade between Cambodia and Japan reached 778 million USD in the first four months of 2020, up 4 percent year on year, the AKP news agency reported, citing recent statistics from the Japan External Trade Organisation (JETRO).
Cambodia and Thailand have discussed the possibility to reopen international border gates to lift the economic deadlock caused by travel restriction measures to curb the COVID-19 spread.
The Office of the Council of Ministers of Cambodia has approved the draft law on control, use and management of the state assets during a closed-door Cabinet meeting chaired by Prime Minister Hun Sen, according to Khmer Times.
Cambodia has prepared four quarantine centres for Cambodians who return home and a further 10 hotels for foreign arrivals in Phnom Penh to service the increasing numbers of arrivals to the country, according to the Ministry of Health.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
