Cambodia and Vietnam agree to drop import duties

15 Feb 2019 2052 | Business & Trade Fairs

Trade ties between Cambodia and Vietnam were strengthened on Wednesday following a meeting between high-ranking commerce officials in which both countries agree to drop tariffs on a number of goods.

Vietnam also agreed to expand its quota of Cambodian rice to 300,000 tonnes and tobacco leaves to 3,000 tonnes.

These are the most significant points agreed upon at Wednesday’s meeting, which was presided over by Cambodian Commerce Minister Pan Sorasak and Do Quoc Hung, representative of the Vietnamese Ministry of Industry and Trade.

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“In the meeting, Vietnam agreed to grant zero duty privileges to 32 Cambodian goods, and agreed to implement a 300,000-tonnes quota for Cambodian rice and 3,000 tonnes for tobacco leaves for 2019 and 2020,” Mr Hung said, according to a statement issued by the Cambodian Ministry of Commerce on Wednesday.

“In return, the Cambodian side agreed to give zero duty privileges to 26 Vietnamese goods,” he added.

Mr Sorasak thanked the Vietnamese delegation for their cooperation and for being a good neighbour.

“The two countries have worked hard and achieved a good deal, which will be signed soon,” the minister said.

Long Kem Vichet, spokesman of the Ministry of Commerce, said an agreement containing the different points agreed upon during Wednesday’s meeting will be signed the next time a Vietnamese delegation visits the Kingdom.