Eurasian Economic Union Integration Unit Meets With Cambodian Ministry Of Commerce
The Eurasian Economic Commission – comprising five member states – Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia – met with their trade counterparts from Cambodia during a virtual discussion last week to discuss a third round of preliminary working-level talks toward formally launching free trade agreement (FTA) negotiations and expanding trade markets and investments.
The EEC is the executive body of the Eurasian Economic Union (EAEU) and is responsible for implementing decisions, upholding EAEU treaties and managing the day-to-day business of the economic union. The EAEU is home to 184.6 million people and represents a combined gross domestic product (GDP) of US$4.778 trillion, according to International Monetary Fund estimates for 2020.
Cambodia’s Ministry of Commerce Undersecretary of State Samheng Bora led the Cambodian delegation in a virtual preparatory discussion with the EEC team led by Division of Integration Development director Gohar Barsegyan.
Nine Cambodian institutions and ministries and 30 representatives from the EEC took part in the meeting. Topics discussed included investment opportunities in Cambodia, EEC strategy toward 2025, industry cooperation, and competition policy.
Both sides also exchanged views on five key topics – “Customs Procedures and Trade Facilitation”, “Updates of the EAEU Preferential System Provided to Cambodia and Procedures for Negotiating Trade Agreements”, “Free Trade with the EAEU, Standards, Technical Regulations and Assessments of Compliance and Hygiene and Phytosanitary Rules”, “Agro-industrial Policy” and “Transportation”.
Cambodian Undersecretary of State Samheng Bora said after the discussions “We’re optimistic that this meeting will help to expand bilateral cooperation across potential fields based on mutual benefit, especially in being able to launch FTA negotiations between Cambodia and the EAEU in the future.”
Bilateral trade between Cambodia and the EAEU was worth US$67.37 million in 2020, marking an increase of 18.22 per cent compared to US$56.98 million in 2019. Of that, Cambodia exported US$52.19 million, and imported US$15.18 million of EAEU goods.
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