Australia’s Foreign Minister Marise Payne will be making a formal visit to Cambodia tomorrow to meet with top Cambodian official as part of a regional trip including Malaysia, Vietnam and Indonesia over the next week.
According to official Australian government information Payne will visit Cambodia from November 7-8 and highlight Australia’s support for the country’s role as the new Chair of ASEAN.
“I will meet with members of the Cambodian Government to discuss our long-standing engagement on a broad range of issues, including Australia’s support to Cambodia and its nearest neighbors through the A$232 million Mekong-Australia Partnership,” she stated.
Under the theme “Addressing Challenges Together- ASEAN ACT” – Cambodia has stated it will aim to connect under the three pillars of the ASEAN community, namely political-security, economic, and socio-cultural community.
Concerning the economic factors Cambodia will also faciitie the implementation of the ASEAN Comprehensive Regional Recovery Framework and the Regional Comprehensive Economic Partnership (RCEP).
The RCEP agreement represents the largest free trade agreement in the world and accounts for approximately 30 percent of the globe’s GDP and population and expected to be ratified in January.
Under RCEP, Cambodian businesses can expect reduced tariffs on several types of goods, including apparel and sweets, and relaxed Rules of Origin guidelines.
Australia has been assisting Cambodia to improve its agri-food sector detailing a new Agri-food Investments Desk collaboration with the Council for the Development of Cambodia and the Ministry of Agriculture, Forestry and Fisheries last month.
According to the Department of Foreign Affairs and Trade Australia and Cambodia bilateral trade is growing quickly with two-way goods trade with Cambodia in 2020 valued at $432.4 million, up 21.6 per cent on 2019.
Australian total goods exports to Cambodia in 2020 was valued at $121.4 million, up 43.5 per cent on 2019. Australia’s existing commercial interests are focused in education services, food and beverage, financial services, mining and resources, hospitality and garment sourcing.