Korea-Cambodia FTA Negotiation Promotion Public Hearing: "Korean Companies as a Base for ASEAN Expansion"

[Asia Economy Reporter Kim Bo-kyung] The Ministry of Trade, Industry and Energy will hold a public hearing on the promotion of the Free Trade Agreement (FTA) negotiations with Cambodia.

The public hearing, held on the 12th at the Korea Chamber of Commerce and Industry in Jung-gu, is a forum to gather public opinions from stakeholders and experts before establishing the Korea-Cambodia FTA promotion plan.

As part of the New Southern Policy, the government has been discussing trade liberalization with Cambodia. Following the Korea-ASEAN Special Summit last November, joint FTA research was conducted through three video conferences among government and research institute officials from both countries.

At the end of last month, the joint research was officially completed, and both countries agreed to proceed with domestic procedures to initiate FTA negotiations.

This public hearing is the first FTA hearing held this year and will be conducted in compliance with social distancing guidelines depending on the COVID-19 situation. After presentations on ▲ the progress of Korea-Cambodia FTA promotion, ▲ economic effects, and ▲ promising sectors for FTA utilization, there will be a comprehensive discussion and Q&A session.

An official from the Ministry of Trade, Industry and Energy explained, "Cambodia has recorded a high economic growth rate of about 7% annually since 2011 and is located in the heart of Southeast Asia, making it a strategic base for our companies to enter nearby ASEAN regions."

He added, "Pursuing a bilateral FTA at the level of the existing Korea-ASEAN FTA Plus will help our companies' expansion and promote win-win cooperation under the New Southern Policy."

This content was produced with the assistance of AI translation services.