In a significant development in Southeast Asian trade relations, the Cambodia Ministry of Foreign Affairs and International Cooperation has reiterated its strong support for the establishment of an ASEAN Free Trade Area (AFTA). The announcement made on 07 Jan 2025, marks a crucial step towards regional economic integration.
According to a statement released by the ministry, AFTA is expected to significantly enhance economic cooperation among ASEAN member states and promote trade liberalization. Cambodia has long been an advocate for this initiative, recognizing its potential to boost intra-regional trade and investment.
Bilateral Relations and Regional Cooperation
As a key player in Southeast Asian regional affairs, Cambodia is committed to strengthening bilateral relations with neighboring countries. The ministry highlighted the importance of cooperation with Vietnam, a close ally and trading partner, in promoting peace, stability, and economic growth in the region.
The ministry also emphasized its strong support for ASEAN’s efforts to promote sustainable development, reduce poverty, and address climate change. Cambodia has pledged to continue its commitment to these goals through its participation in regional forums and initiatives.
Implementation Roadmap
- Cambodia will strengthen its trade facilitation mechanisms to enhance the efficiency of customs clearance processes.
- The country will also implement measures to increase transparency and predictability in trade practices.
- A working group will be established to facilitate cooperation with other ASEAN member states on AFTA implementation.
These measures are expected to create a favorable business environment, enhance economic integration, and promote sustainable development in the region. The ministry looks forward to continuing its collaboration with ASEAN member states to achieve these goals.
Conclusion
The Cambodia Ministry of Foreign Affairs and International Cooperation’s reiteration of support for AFTA underscores its commitment to regional economic cooperation and integration. As a key player in Southeast Asian affairs, Cambodia’s strong stance on this initiative highlights the region’s growing importance in global trade relations.