The Ministry of Commerce (MoC) is in the process of creating a free trade agreement (FTA) portal. This online platform is designed to equip businesses with critical information and tools to effectively utilize Cambodia's growing trade partnerships. As part of the MoC's modernization efforts, this initiative aims to automate public services, enhancing efficiency and convenience.
According to the Ministry, "FTA Port is developed to help facilitate in finding information for taking advantages in advance from Cambodia's free trade agreements." This portal will feature essential data on rules of origin, exporter registration procedures, and how to secure certificates of origin. The move is aligned with the government's strategy to fortify trade relations and foster economic integration.
Efforts to integrate new information technology systems are underway, intending to augment work efficiency and elevate the quality of public services. This includes making digital platforms more user-friendly, swift, and secure. Cham Nimul, the Minister of Commerce, highlighted the ongoing reforms aimed at improving public service delivery through automation. These reforms are expected to reduce costs and time, stabilize prices, and stimulate domestic trade and private sector growth.
Cambodia's participation in the RCEP agreement, alongside its bilateral FTAs with China, South Korea, and the United Arab Emirates, underscores its active engagement in regional trade. The RCEP agreement encompasses 15 Asia-Pacific countries, including the 10 ASEAN member states and their five trading partners. Lim Heng, Vice-President of the Cambodia Chamber of Commerce, noted the significant role of free trade agreements and trade preference schemes in elevating the country's export volumes and attracting investment. Cambodia's exports reached $23.93 billion in the first 11 months of 2024, marking a 16.8 percent increase from the previous year.
Source: Khmer Times