Business / Finance

UAE and Cambodia sign bilateral trade deal

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2023-06-08 10:50:09  • 1 min

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DUBAI : The United Arab Emirates and Cambodia signed a bilateral trade agreement on Thursday, the Gulf state's fifth such deal under a trade strategy launched in 2021.

Known as Comprehensive Economic Partnership Agreements (CEPA), the trade strategy is a key pillar of the UAE's economic growth plans as it seeks to reduce its dependence on fossil fuels.

The agreement with Cambodia will reduce or remove tariffs, "eliminating barriers to trade, and creating new avenues for strategic investment," Thani Al Zeyoudi, UAE's minister for foreign trade tweeted.

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