The Joint Statement covers such areas of cooperation between the EEC and the Government of Cambodia as trade and investment, customs cooperation, innovation, telecommunications and information and communication technologies, industry and infrastructure, technical regulation, SPS measures and intellectual property issues. By the Joint Statement, the sides confirm their readiness to conduct technical consultations on certain areas of cooperation.
"The sides expressed a keen interest in increasing the volume of trade and investment between the EAEU and the Kingdom of Cambodia," the Joint Statement notes. “The Cambodian side proposed to address the issue of justifying the creation of a free trade area".
As Sergei Glazyev stressed at the Working Group’s meeting, the trade turnover between the EAEU States and Cambodia had steadily increased over the past ten years. The average rate was about 20%.
"Last year, the trade turnover between the EAEU and Cambodia decreased for objective reasons, but already in H1 of 2021, statistics inspire cautious optimism. Trade increased 1.4 times compared to the same period last year and reached 130 mln US dollars. Along with that, some growth was observed in all the EAEU States," Sergei Glazyev said. “Nevertheless, the existing trade turnover fails to unlock all cooperation potential between the EAEU countries and Cambodia. It is required to promote dialogue and intensify trade".
In turn, Tekret Kamrang has noted that Cambodia attaches great importance to cooperation with the EAEU countries. Owing to the joint work of the EEC and the Government of Cambodia, trade and economic relations between the countries have significantly improved. She has also stressed that amid the pandemic Cambodia showed a 3% GDP growth and became one of the fastest growing economies across the globe.
"We place a premium on strengthening relations with the EAEU and implementing an open policy between governments. Developing trade and the growth of mutual investments are in the interests of our countries’ citizens," Tekret Kamrang said.
Representatives of the Commission’s relevant units also addressed the Working Group’s meeting and dwelt on the issues of customs cooperation, competition and antitrust regulation and sanitary, phytosanitary and veterinary measures. Besides, Danil Ibrayev, President of the Kyrgyz Union of Industrialists and Entrepreneurs, shared his vision of the prospects for cooperation.
The next meeting of the Working Group will be held in Moscow.
For reference
The Memorandum of Understanding between the EEC and the Government of Cambodia was signed on May 17, 2016 in Moscow. The joint Working Group has been established to implement this document.
