Cambodia and Saudi Arabia are set to hold discussions on the draft of a memorandum of understanding (MoU) on the promotion of trade relations between the two countries.
The step comes on the heels of an imminent agreement with the United Arab Emirates (UAE) as the country aims to advance work in the Middle East in line with the government’s directive to enhance trade, tourism and investment.
Penn Sovicheat, spokesperson for the Ministry of Commerce, told The Post on January 17 that the authority held an internal meeting led by Tekreth Kamrang, a secretary of state at the ministry, to review the draft MoU on January 16.
The move is intended to bolster trade and investment between the two countries and other Middle East nations.
“The internal discussion is to pave the way for negotiations to open a new market with Saudi Arabia. It will serve as a gateway to promote our products to Middle Eastern countries, while we are also [working with] the UAE on a Comprehensive Economic Partnership Agreement [CAM-UAE CEPA],” he said.
“Reaching an agreement with these countries will not only expand our product range there but will also provide a gateway to African nations.
“We do believe that in the near future, there will be a significant increase in trade and investment from Arab countries. This will also enhance our ability to boost agricultural product exports to these and other surrounding nations,” he added.
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Author: May Kunmakara
Source: The Phnom Penh Post
January 19, 2024
