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The EAEU Member States and the Kingdom of Cambodia are ready to increase scopes of economic cooperation

The EAEU Member States and the Kingdom of Cambodia are ready to increase scopes of economic cooperation

2/15/2017

The matters of increasing the scopes of trade of the Eurasian Economic Union (EAEU) Member States with the Kingdom of Cambodia, support of investment projects and new areas of economic cooperation were discussed between the Chairman of the Board of the Eurasian Economic Commission (EEC), Tigran Sargsyan and Prime Minister of the Kingdom of Cambodia Hun Sen in Phnom Penh on February 14. The meeting was attended by Tatyana Valovaya, Member of the Board (Minister) in charge of Integration and Macroeconomics (EEC), Ministers and several senior officials from Cambodia.

Tigran Sargsyan noted that the potential of economic partnership between the EAEU Member States and Cambodia had only been used partially so far. However, there is an understanding on what tools can make a difference. On the one hand, it is necessary to introduce the Cambodian entrepreneurs with technical regulations, phytosanitary and veterinary standards, as well as with a system of customs regulation effective in the EAEU. This will increase the scopes of mutual trade and allow bringing new products and goods to markets of the Union.

It is equally important to promote direct dialogue between industrialists and businessmen from the EAEU Member States and representatives of the Cambodian business. Tigran Sargsyan proposed to hold the first working meetings within the framework of the St. Petersburg International Economic Forum. At this venue the EEC will host the session devoted to new trends and challenges faced by the Eurasian integration. The Chairman of the EEC Board views as important the activities of the joint working group consisting of representatives of the Eurasian Economic Commission, national Governments, business associations from the EAEU and the Government of the Kingdom of Cambodia.

In his turn, the Prime Minister of the Kingdom of Cambodia said that his country had been a traditional business partner of the EAEU Member States for many years. The conclusion of a free trade agreement between the EAEU Member States and Cambodia should become a qualitatively new step in further cooperation. For an active promotion in that direction there is a need to develop a climate of trust, to form for entrepreneurs a supportive legislative environment and incentives to cooperate. According Hun Sen’s opinion, among such incentives, in particular, are signing of an agreement on mutual protection of investments.

The Cambodian Prime Minister expressed support for dialogue between the EAEU and ASEAN, noting that the strengthening of relations between the two unions can have extremely positive impact on the development of interregional cooperation.