Over the previous decade, Cambodia has enjoyed remarkable economic growth. Cambodia’s gross domestic product (GDP) has expanded at roughly 7 per cent per year from a decade earlier, and this trend is likely to continue for the next few years. Cambodia currently signed two free trade agreements with two different countries, China and South Korea. Cambodia-China Free Trade Agreement (CCFTA) was signed on 12th October 2021. The second bilateral free trade agreement for Cambodia is with South Korea. Cambodia-South Korea Free Trade Agreement (CKFTA) was signed on 26th October 2021. Cambodia and South Korea will benefit from this agreement as both countries’ exports and imports will be subject to significantly lower tariffs. Cambodia will lower taxes on 93.8 per cent of South Korean commodities supplied to the country, while South Korea will reduce customs by 95.6 per cent of Cambodian goods imported. In basic terms, the CKFTA allows more than 10,000 Cambodian products to be exported duty-free to South Korea.
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