Canada Wants Trade Pact

KHMER TIMES
SUM MANET

Canada's Foreign Minister Stephane Dion (left), shakes hands with Prime Minister Hun Sen before a meeting at the Peace Palace. Reuters

Canada is keen to sign an investment protection agreement with Cambodia to boost trade between both countries following the visit of Canadian Foreign Minister Stephane Dion to the Kingdom last Friday.

Foreign Ministry spokesman Chhum Sounry told Khmer Times yesterday that Mr. Dion reiterated the intentions of the Canadian government in his meeting with Cambodian Foreign Minister Prak Sokhonn on Friday. Mr. Dion ended his visit to Cambodia on Saturday.

“The Canadians are interested to get the investment protection agreement signed and Mr. Sokhonn has sent the draft agreement to the CDC [Council for the Development of Cambodia] for them to comment on the details,” said Mr. Sounry.

“CDC is carefully checking the draft of the agreement. After it is finalized and when both countries sign it, the agreement will open the door for Canadian investors,” he added.

Chea Vuthy, deputy secretary-general of CDC, told Khmer Times that the council had yet to consider the details of the agreement.

“I have yet to receive full information about the agreement. But we are in touch with the Foreign Ministry about it,” said Mr. Vuthy.

Bilateral trade between Canada and Cambodia totaled $820 million in 2015, according to the Foreign Ministry, a drop from $835.3 million in 2014. Cambodia is also a country benefiting from Canada’s Market Access Initiative for least developed countries, allowing the Kingdom quota-free and duty-free access to their markets.

Mr. Dion also re-opened Canada’s embassy in Phnom Penh, after it was closed in May 2009.

“To improve the partnership and cooperation of both countries, the government of Canada re-opened its embassy here today,” Eang Sophalleth, the assistant to Prime Minister Hun Sen, told reporters after Mr. Dion paid his courtesy call to the premier at the Peace Palace on Friday.

The Canadian Chamber of Commerce in Cambodia was launched in May 2015 to enhance Canadian trade and investment in the Kingdom. Cambodian exports to Canada – mostly garments and footwear – increased from $20.9 million in 2002 to more than $827.7 million in 2014.

With the strong bilateral ties, Canada and Cambodia are also partners in multilateral organizations. Canada is a dialogue partner of Asean and both Cambodia and Canada cooperate in a number of other multilateral organizations, such as the Asean Regional Forum, and the World Trade Organization.