Trade deal to reduce tariffs with Vietnam
Cambodia and Vietnam inked an agreement on October 26 to drop import tariffs on dozens of products in an effort to boost bilateral trade. Cambodian Commerce Minister Pan Sorasak signed a memorandum of understanding with Vietnamese Minister of Trade and Industry Tran Tuan Anh ahead of the opening session of the 8th Cambodia-Laos-Myanmar-Vietnam Summit (CLMV-8) in Hanoi. According to the agreement, Cambodia will provide a special preferential duty on 29 Vietnamese products, allowing them to enter the country duty-free. Vietnam agreed to provide the same preferential treatment for 39 Cambodian products, including 300,000 tonnes of rice annually and 3,000 tonnes of dried tobacco in 2016 and 2017. Soeng Sophary, spokesman of the Ministry of Commerce, said the MoU would benefit producers and exporters in both countries, and promote the flow of cross-border trade.
