South Korea and Cambodia recently signed a free trade agreement (FTA) to deepen economic ties, according to the former’s ministry of trade, industry and energy. Under the agreement and the envisioned Regional Comprehensive Economic Partnership (RCEP), Cambodia will lift tariffs on 93.8 per cent of all products traded, and South Korea will remove tariffs on 95.6 per cent of all items.
Seoul struck the deal with Phnom Penh in February this year and wrapped up domestic procedures, including parliamentary approval.
South Korean trade minister Yeo Han-koo and his Cambodian counterpart Pan Sorasak signed the pact during a virtual ceremony, the ministry said.
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