PHNOM PENH, Nov. 25 (Xinhua) -- Cambodia and South Korea on Monday signed a joint statement on the launch of a joint study on a possible Free Trade Agreement between the two countries, said a Cambodian Ministry of Commerce’s press release.
The joint statement was signed in South Korea’s Busan between Cambodian Minister of Commerce Pan Sorasak and South Korean Minister for Trade Yoo Myung-Hee on the sidelines of the ASEAN-South Korea commemorative summit, the release said.
“The Cambodia-South Korea Bilateral FTA is expected to not only strengthen the relationship and promote bilateral trade between the two countries, but also create more employment and investment opportunities and promote services export that will contribute more to the economic growth and bring more benefits to the people of the two nations,” it said.
According to the press release, the trade volume between the two countries increased noticeably to around 756 million U.S. dollars last year, a 14.7 percent rise compared to a year earlier.
Cambodia's main exports to South Korea included garments, electronics, shoes, luggage, aluminum, beverages, medical supplies and natural rubber, the release said, adding that the kingdom's main imports from South Korea included trucks, bulldozers, cloths, mineral water, electronics, and cosmetic products.