The strategic agreement provides a vital legal framework for the business communities of both nations, extending preferential tariffs to facilitate the entry of their beneficial commodities into each other’s markets, according to local media reports.
Due to the agreement’s influence, annual bilateral trade has surged, with growth rates of 18.5 per cent in 2010-2015 and 21 per cent during the 2015-2020 period. Notably, despite the COVID-19 pandemic’s disruptive impacts, trade between the two nations reached $10.57 billion last year, reflecting a nearly 11 per cent year-on-year increase. As a result, Vietnam has emerged as Cambodia’s third-largest trading partner, following China and the US.
ALCHEMPro News Desk (NB)
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