A New Cambodia-EAEU Trade Deal?

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A New Cambodia-EAEU Trade Deal?

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Can Cambodia capture new markets in Eurasia ? Stay tuned.

A New Cambodia-EAEU Trade Deal?
A closer look at a potential development that has been getting more attention of late.
Luke Hunt
By Luke Hunt
September 27, 2019
The Cambodian economy is struggling. Western donors and businesses are reluctant to invest under the threat of sanctions. And even the country’s largest benefactor, China, is witnessing an unprecedented fall in GDP growth amid a trade war with the United States.

Partly in a bid to offset that and broaden its economic horizons, Phnom Penh is hoping to sign up to a free trade deal with the Eurasian Economic Union (EAEU), which comprises of Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.As of now, negotiations have barely begun, with an announcement made after the ASEAN economic ministers meeting in Bangkok earlier this month where the focus was on opening up trade between Southeast Asia and the Central Asia-Eastern Europe blocs. But they are nonetheless important to watch.

Rice, silk, textiles, meat, vegetables, and coffee are entitled to EAEU market duty free access over a three-year period. Cambodia is expected to build on that, while taking advantage of precedents set by Vietnam, which has already reached an FTA with the Eurasian trading bloc. Cambodia already enjoys preferential treatment on 46 products due to its status as a least developed country.

The EAEU has a combined population of 183 million and an annual GDP (PPP) of US$5 trillion by one count and sits between China and the European Union.
https://thediplomat.com/2019/09/a-new-c ... rade-deal/
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Re: A New Cambodia-EAEU Trade Deal?

Post by CEOCambodiaNews »

November 6, 2019
Nation set to ink agreement with Russia-led economic bloc
Thousands of Cambodian products could soon be shipped duty-free to the Eurasian Economic Union (EAEU) market, a huge free-trade bloc, after the Kingdom made moves to sign an agreement with the union.

The potential free-trade agreement (FTA) was disclosed during a discussion between Cambodian Prime Minister HE and his counterpart Dmitry Medvedev, the Russian Prime Minister. The talk was held on the sidelines of the Asean Business and Investment Summit in Thailand’s Bangkok on Sunday.

Mr HE said Russia has taken big efforts to support the negotiations.

“We would also like to thank Russia’s principle support for efforts in helping to negotiate the free trade agreement between Cambodia and the union,” he was quoted as saying in a Facebook post.

The prime minister said Cambodia is now asking Russia to formally support Cambodia’s official request to the Eurasian Economic Commission to sign the deal.

“This is a very import move and we expected that the free trade agreement between Cambodia and the EAEU will be signed in the near future once the negotiation is completed,” Mr Medvedev was quoted as saying on Mr HE’s Facebook post.

Russian News Agency TASS reported that five Asean nations –Brunei, Indonesia, Cambodia, Thailand, and the Philippines – have expressed interest in signing free trade agreements with EAEU.

Mr Medvedev said the union is open to cooperate with those nations.
https://www.khmertimeskh.com/50657467/n ... omic-bloc/
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Re: A New Cambodia-EAEU Trade Deal?

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Cambodia to explore FTA with EAEU with Russian help
31 Mar '20

Cambodian deputy prime minister Hor Namhong recently met Russian ambassador to Cambodia Dmitry Tsvetkov in Phnom Penh and said both sides have vowed to raise bilateral trade and investment as the former aims to diversify its market by signing a free trade agreement (FTA) with the Eurasian Economic Union (EAEU), of which Russia is a member.

Other EAEU members are Armenia, Belarus, Kazakhstan and Kyrgyzstan. The bloc has a total market of 183 million people and a gross domestic product (GDP) of $5 trillion.

Singapore and Vietnam have also signed FTAs with the EAEU, while Indonesia, Malaysia and Thailand are reportedly interested as well. Namhong said talks are under way over 14 memoranda of understanding (MoU) that are expected to be signed soon, according to a report in a Cambodian newspaper.

Since 2015, both sides have signed 51 agreements to boost trade and investment. Last year, bilateral trade between the two countries reached $55.39 million.

In 2016, Cambodia and the EAEU signed an MoU to enhance cooperation in trade. However, as Cambodia is still in the World Trade Organisation’s least developed country classification, 46 Cambodian products can enter the EAEU market duty-free for the next three years.

Fibre2Fashion News Desk (DS)
https://www.fibre2fashion.com/news/text ... fashion%29
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Re: A New Cambodia-EAEU Trade Deal?

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October 2, 2020
Russia to help Cambodia get Free Trade Agreement with EAEU

Russia has pledged to help the Kingdom obtain a free trade agreement with the Eurasian Economic Union (EAEU).

“Russia, through Russian Ambassador to Cambodia Anatoly Borovik, has showed a clear position that Russia supports the Kingdom to hold negotiations to have free trade in the EAEU, in which Russia is a key actor,” Ministry of Foreign Affairs General Director of Europe, America and Africa- Middle-East and deputy spokesman Ney Sam Ol told reporters after a meeting between Foreign Affairs Minister Prak Sokhonn and the new Ambassador Borovik at the ministry yesterday.

The EAEU is an economic union of states located in Eastern Europe, Central Asia and Western Asia. The Treaty on the Eurasian Economic Union was signed on May 29, 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on January 1, 2015.
https://www.khmertimeskh.com/50768944/r ... with-eaeu/
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Re: A New Cambodia-EAEU Trade Deal?

Post by techietraveller84 »

This sounds really good on paper, but what is Cambodia going to trade with Russia, Belarus, and Kazakhstan? Curious what opportunities this might open the country up to, since my personal knowledge is limited and the info presented in the article wasn't very informative.
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Re: A New Cambodia-EAEU Trade Deal?

Post by mehfisto »

Belarus, Kazakhstan and Russia all produce agricultural products associated with cooler climates

Decent tomatoes would be nice. Strawberries at $2/kg, bit better than Makro, $25/kg, cherries likewise

wheat, barley, oats, rye, cheeses

Industrial: oil, gas, cars and trucks, machinery
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Re: A New Cambodia-EAEU Trade Deal?

Post by techietraveller84 »

Hopefully this will be a great boon to Cambondia's economy, and provide residents with more fresh fruits and veggies, especially cherries! I know those can be insanely expensive in the tropics. But at least you have mangosteen and passion fruit to make up for it.
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Re: A New Cambodia-EAEU Trade Deal?

Post by CEOCambodiaNews »

Major drop in Cambodia's apparel exports to EAEU
article by By: Fibre2Fashion
Published : Feb 2021
Image
Last year, the EU partially withdrew Cambodia from the EBA(Everything But Arms Act), due to which Cambodia's garment and footwear industry started facing import duties in the EU. As a spiralling effect, Cambodia started diverting its garment exports to the US and other countries and imports to EU declined significantly.

Cambodia's apparel exports significantly dropped by 36.56 per cent in 2020 to $112.45 million from $177.27 million in 2019 to EAEU(Eurasian Economic Union). The sudden decline happened between April 2020 to June 2020 and the exports made a recovery in July 2020.
https://www.fibre2fashion.com/industry- ... ts-to-eaeu
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