In an effort to improve bilateral trade between Cambodia and Vietnam, the import tariffs on dozens of products have been dropped.
A memorandum of understanding (MoU) was signed yesterday in Hanoi by Cambodian Commerce Minister Pan Sorasak and Vietnamese Minister of Trade and Industry Tran Tuan Anh, shortly before the opening session of the 8th Cambodia-Laos-Myanmar-Vietnam Summit.
39 Cambodian products, including rice and dried tobacco, are to be allowed duty-free entry into Vietnam through the agreement, with the Kingdom giving the same preferential treatment to 29 Vietnamese products.
“This bilateral MoU will provide direct benefits to producers and exporters because they will receive a tariff exemption and consumers will in turn get fair prices,” said Ministry of Commerce spokesperson Soeng Sophary.
“It is part of a mutual strategy of promoting bilateral economic growth,” she added.
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