The UAE and the Cambodia have signed a Comprehensive Economic Partnership Agreement that aims to more than double non-oil bilateral trade over the coming five years.
The accord aims to boost trade to $1 billion from to $407 million in 2022, the UAE Ministry of Economy said on Thursday.
The agreement was signed in Phnom Penh by Dr Thani Al Zeyoudi, UAE Minister of State for Foreign Trade, and Pan Sorasak, Cambodia's Minister of Commerce, in the presence of Cambodia’s Prime Minister Hun Sen.
The two countries concluded Cepa talks in April and the agreement aims to eliminate or reduce customs duties, remove unnecessary trade barriers, support investment, open market access to services exports and create more opportunities for businesses to forge partnerships.
The UAE-Cambodia Cepa is a “new milestone in our foreign trade agenda that strengthens our growing role in the east-west trade corridor”, said Dr Al Zeyoudi.
“It will not only contribute to our goal of doubling non-oil foreign trade by 2031 but also expand our presence in the rapidly growing economies of South-East Asia, opening new doors for exporters to reach millions of consumers.
“Cambodia will also benefit from our global connectivity and ability to re-export goods to more than 400 cities around the world. We will continue to expand global trade to foster long-term, sustainable growth and economic diversification with all whom we do business with.”
The UAE, which aims to boost trade and economic relations with countries around the globe, is working towards signing 26 Cepas as it seeks to attract more investment and diversify its economy.
The country has already signed similar deals with India, Israel and Indonesia, Turkey and is close to concluding agreements with Kenya.
It aims to eliminate unnecessary trade barriers, increase market access and set up investment and trade ventures with its partners.
Trade between the UAE and Cambodia increased to $407 million in 2022, an annual 33 per cent from 2021, and gained 28 per cent compared with 2019.
The UAE is also one of Cambodia's top trading partner in the Arab world, accounting for 70 per cent of its trade with the region in 2022, the Ministry of Economy.
A wide range of investment opportunities in the tourism, logistics, infrastructure and renewable energy sectors are expected with the agreement's enforcement, the ministry said.
The accord opens up various service sectors in the Cambodian market to UAE businesses while also guaranteeing products from the Emirates access to the Cambodian market, covering 92 per cent of customs tariff lines and more than 93 per cent of the value of non-oil trade.
Both countries will now complete the necessary requirements and internal legal procedures for ratification of the Cepa, with the deal set to enter into force before the fourth quarter of this year.
UAE exports are projected to reach Dh2 trillion ($545 billion) by 2030, with trade growing faster than the global average as the Emirates focuses on developing new trade corridors and diversifying its exports.
The country's exports are projected to increase by 5.5 per cent annually, with metals and minerals (accounting for 73 per cent of exports by 2030) and plastics and rubbers set to drive growth, according to estimates from Standard Chartered.
The UAE aims to deepen trade and investment ties with fast-growing economies in Asia, Africa and the Middle East, as well as attract $150 billion in foreign investment into its domestic non-oil industries and diversify its export profile.
The UAE's goods trade with the rest of the world hit $1.02 trillion in 2022, with exports and imports increasing due to higher crude oil prices, according to the World Trade Organisation's Global Trade Outlook and Statistics report released in April.
The Gulf country accounted for 2.4 per cent of the world's goods exports last year, the WTO said.
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Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Key facilities
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Match info
Karnataka Tuskers 110-3
J Charles 35, M Pretorius 1-19, Z Khan 0-16
Deccan Gladiators 111-5 in 8.3 overs
K Pollard 45*, S Zadran 2-18
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Wednesday and the pair embraced but he failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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UK-EU trade at a glance
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Youth experience scheme to work, study or volunteer in UK and EU countries
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Sector: E-commerce
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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5pm: Maiden (PA) Dh80,000 2,200m
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Winner: Dubai Canal, Harry Bentley, Satish Seemar.
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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The specs: 2019 Mini Cooper
Price, base: Dh141,740 (three-door) / Dh165,900 (five-door)
Engine: 1.5-litre four-cylinder (Cooper) / 2.0-litre four-cylinder (Cooper S)
Power: 136hp @ 4,500rpm (Cooper) / 192hp @ 5,000rpm (Cooper S)
Torque: 220Nm @ 1,480rpm (Cooper) / 280Nm @ 1,350rpm (Cooper S)
Transmission: Seven-speed automatic
Fuel consumption, combined: 4.8L to 5.4L / 100km
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UAE currency: the story behind the money in your pockets
