Cambodia, Thailand committed to expanding trade ties

Phnom Penh, April 25 (IANS) Cambodia and Thailand remained committed to expanding trade relations amid global trade friction, the Cambodian Foreign Ministry said in a press statement.

The commitment was made between Cambodian Prime Minister Hun Manet and visiting Thai Prime Minister Paetongtarn Shinawatra, said the press statement on Thursday issued at the end of Paetongtarn's two-day visit to the kingdom.

PM Paetongtarn attended a welcoming ceremony at the Peace Palace in Phnom Penh before attending a plenary meeting with Cambodian Prime Minister Hun Manet, Xinhua news agency reported.

They then witnessed the signing of important documents and jointly presided over the launch of a logo marking the 75th anniversary of the establishment of diplomatic relations between the two countries.

Speaking at a joint press conference, PM Paetongtarn said she and her Cambodian counterpart had engaged in a friendly and productive discussion.

"We share a strong commitment to deepen our cooperation based on mutual trust, mutual respect, and mutual benefit," she added.

"On economic cooperation, the two Prime Ministers noted with satisfaction a remarkable growth in a two-way trade, which surpassed $10 billion for the first time last year," the press statement added.

"Building on this positive momentum, the two leaders aimed to reach a target of $15 billion in the near future," it said.

They encouraged relevant institutions of both countries to consider convening the seventh Cambodia-Thailand Joint Trade Committee meeting this year to further advance trade relations.

"They also agreed to instruct relevant institutions to accelerate the implementation of cooperation projects and conduct consultations aimed at facilitating cross-border trade and fostering economic synergies, including through complementary special economic zones in border provinces, for the mutual benefits of both nations," the press statement said.

In a meeting with Paetongtarn on Wednesday, Cambodian Senate President Samdech Techo Hun Sen said as the whole world is in a trade war, it's essential for the two neighbouring countries to increase bilateral trade volume, using existing mechanisms under ASEAN frameworks and the Regional Comprehensive Economic Partnership (RCEP) agreement.

Entering into force in 2022, the RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

--IANS

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