PHNOM PENH, Aug. 5 (Xinhua) -- Cambodia's Foreign Minister Prak Sokhonn said here on Friday that the Regional Comprehensive Economic Partnership (RCEP) free trade agreement will be a booster for trade and investment relations between Cambodia and South Korea.
Sokhonn, who is also a deputy prime minister, made the remarks during a meeting with South Korean Foreign Minister Park Jin on the sidelines of the 55th ASEAN foreign ministers' meeting and related meetings in Phnom Penh, capital of Cambodia, according to Cambodian foreign ministry spokesman Chum Sounry.
"Prak Sokhonn also noted that the ROK (Republic of Korea) was ranked second in foreign direct investment in Cambodia and the implementation of RCEP will serve as a framework to bolster economic cooperation between the two countries," the spokesman said in a news release.
Entering into force on Jan. 1, 2022, RCEP comprises 15 Asia-Pacific countries including 10 ASEAN member states -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam -- and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.
During their meeting, the two ministers also expressed satisfaction over the continued growth of the amicable bilateral relations, which features frequent exchanges at all levels and commitment to advancing existing cooperation, Sounry said.
They also noted with satisfaction the resilient economic cooperation between Cambodia and South Korea, underpinned by high bilateral trade volume despite the COVID-19 pandemic, he added.
According to the spokesman, Sokhonn is optimistic that bilateral trade activities will also be significantly boosted once the Cambodia-South Korea free trade agreement enters into force.