An agreement to this effect was signed by Industry and Trade Minister and his Cambodian counterpart Pan Sorasak in the presence of Prime Minister Nguyen Xuan Phuc and his Cambodian PM Samdech Hun Sen.
The signing ceremony transpired on the fringes of the seventh Ayeyawady-Chao Phraya-Mekong Economic Cooperation Summit (ACMECS 7), the eighth Cambodia-Laos-Myanmar-Vietnam Summit (CLMV 8) and the World Economic Forum on the Mekong Region (WEF-Mekong) in Hanoi on October 26.
Accordingly, Cambodia will provide special incentives to Vietnam, which are even higher than those the country has committed to other ASEAN member countries. Vietnamese goods will be more competitive than products of other countries in the Cambodian market.Up to 29 Vietnamese products, including milk, cream, cassava starch, meat and rice products, sweets, paint, plastics, paper, porcelains, steel and steel products, will enjoy zero-percent import tariff in Cambodia.Meanwhile,Vietnam will give zero-percent import tax to 39 Cambodian products, mostly farm produce.The deal aims to further enhance trade ties between the two countries in farm produce, fisheries and industrial products, contributing to raising their people’s living standards, particularly those residing in border areas, as well as sustainable economic development in each nation on an equal and mutual beneficial footing.It is also expected to speed up accelerate the implementation of the joint statement reached during the visit to Cambodia by President Tran Dai Quang last June, aiming to elevate the bilateral trade to US$5 billion in the near future.