Other BriefingsUAE, Cambodia Conclude Comprehensive Economic Partnership Agreement
Trade deal opens UAE markets to Cambodian exporters and vice-versa
The United Arab Emirates and Cambodia have finalised the terms of a Comprehensive Economic Partnership Agreement (CEPA), the UAE Ministry of Economy has confirmed.
The CEPA builds on growing UAE-Cambodia economic relations that, in 2022, resulted in non-oil trade exceeding US$401 million, which represents a growth of 31% compared to 2021 – and 146% more on 2019. In terms of investments, bilateral FDI had reached US$3.8 million by the end of 2020. Cambodia is a member of the ASEAN www.aseanbriefing.com Free Trade bloc, which also includes Brunei, Laos, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
This deal will deliver new opportunities for Cambodia’s key exports, which include grains, fruits, meats, processed foods, apparel, footwear, and leather goods. The UAE will benefit from new export opportunities in machinery, oils and lubricants, and cars and automotive parts, as well as investment opportunities in logistics and infrastructure, travel and tourism projects and renewable energy.
“Cambodia’s food production and agricultural sectors, which are a critical part of their economy, will also help us achieve our food security ambitions” the UAE Ministry said. “The negotiations took less than six months to complete, which is a clear indication of our shared desire to boost bilateral relations and create new, mutually beneficial opportunities.
“Since the UAE-Cambodia CEPA initiation, we do believe that this agreement will definitely be another great impetus for our shared growth and prosperity through fostering supply chains, enhancing trade flow, and promoting bilateral investment between Cambodia and UAE” said Sorasak. “Indeed, the agreement will serve as the catalyst for greater connectivity between ASEAN and the Arab World, which are amongst the most economically dynamic regions in the world.”
The UAE’s new foreign trade agenda is a core component of the Emirates growth strategy , intended to double the size of the economy from US$381 billion to US$762 billion by 2030. The UAE country has now signed CEPAs with India, Israel, Indonesia and Turkiye, and has agreed to start CEPA negotiations with Vietnam in the coming weeks.
Dezan Shira & Associates maintains an office in Dubai and has a partner firm in Cambodia. For assistance with market entry in either, please contact Maria Kotova at dubai@dezshira.com
Related Reading
An Introduction to Doing Business in ASEAN 2023
An Introduction to Doing Business in Dubai 2023
About Us
Middle East Briefing is one of five regional publications under the Asia Briefing brand. It is supported by Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm that assists foreign investors throughout Asia, including through offices in Dubai (UAE), China, India, Vietnam, Singapore, Indonesia, Italy, Germany, and USA. We also have partner firms in Malaysia, Bangladesh, the Philippines, Thailand, and Australia.
For support with establishing a business in the Middle East, or for assistance in analyzing and entering markets elsewhere in Asia, please contact us at dubai@dezshira.com or visit us at www.dezshira.com. To subscribe for content products from the Middle East Briefing, please click here.
- Previous Article UAE-China Bilateral Trade Expected To Reach US$200 billion by 2030
- Next Article UAE To Assist Belarus To Develop Middle East Trade
