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Cambodia is now the fifth country that will trade with the UAE under the Comprehensive Economic Partnership Agreement (CEPA) as the deal went into effect starting February.
The CEPA is designed to boost bilateral trade by removing or reducing tariffs on over 92 per cent of product lines, facilitating smoother trade transactions and improving market access for service exports.
The deal is expected to add 0.015 per cent to the UAE economy by 2031.
UAE-Cambodia bilateral trade
Notably, non-oil trade between the UAE and Cambodia reached over $407m in 2022, marking a 33 per cent increase compared to the previous year and 50 per cent increase compared to 2020.
Amidst promising economic outlook in Cambodia, whose GDP grew 5.2 per cent in 2022, the CEPA is expected to unlock new export opportunities for the UAE in sectors such as machinery, oils and lubricants, and automotive parts, while Cambodia anticipates increased exports in grains, fruits, meats,…
