Phnom Penh, 29 April 2023 (TDI): The Cambodian cabinet ministers approved the draught law on the approval of the ASEAN Trade in Services Agreement presided over by Prime Minister Hun Sen.
According to the ASEAN Secretariat, the ASEAN Economic Ministers signed the ASEAN Trade in Services Agreement on October 7, 2020.
The agreement reaffirms ASEAN’s commitment to free and open trade and regional economic integration in today’s multidimensional challenges of trade conflicts, global pandemics, and economic insecurity.
The Cambodia cabinet meeting on April 28, 2023, approved a draft law related to the ASEAN Trade in Services Agreement.
The agreement’s goals are to strengthen economic ties and create more opportunities for economic development, increase bilateral trade and investment in services, and create more extensive markets.
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This agreement aims to facilitate the trade of services between the member countries of the ASEAN bloc, which is one of the world’s largest economic blocs.
The ASEAN consists of 10 member countries, including Cambodia, and it aims to promote economic cooperation and integration among its members.
The draft law approved by the Cambodia cabinet meeting is designed to provide legal recognition to the ASEAN Trade in Services Agreement, allowing Cambodia to join other ASEAN countries in adopting a common framework and approach for the trade of services.
The agreement also aims to strengthen economic relations between Member States by, among other things, promoting and facilitating the use of the more significant opportunities provided by the Agreement.
One of the key objectives of the ASEAN Trade in Services Agreement is to promote trade liberalization in services among ASEAN countries, which is expected to drive economic growth and development in the region.
The Cambodia cabinet meetings’ approval of the draft law related to the ASEAN Trade in Services Agreement is a significant step towards strengthening economic ties between Cambodia and other ASEAN countries.
This move is also expected to improve Cambodia’s economic competitiveness by creating new business opportunities to expand operations and access new regional markets.
Overall, approving the draft law related to the ASEAN Trade in Services Agreement represents a positive development for Cambodia and the ASEAN bloc.
It is expected to contribute to the continued growth and prosperity of the region by promoting greater economic cooperation and integration.
