Cambodian national assembly passes ASEAN-India cooperation agreement

The Cambodian National Assembly on Tuesday adopted the draft law on the framework agreement on comprehensive economic cooperation between the Association of Southeast Asian Nations (ASEAN) and India.

"The agreement aims at strengthening and improving the cooperation on investment, trade and economics between ASEAN and India," Kong Vibol, secretary of state for the Minister of Economy and Finance, said during the assembly floor on Tuesday. " The key elements of the agreement cover Free Trade Area in goods, services and investment, as well as areas of economic cooperation."

Also, the National Assembly on Tuesday passed the agreements on goods and on dispute resolution mechanism under the framework agreement of comprehensive economic cooperation between ASEAN and India.

Kong Vibol said that bilateral trade between Cambodia and India is still small. Cambodia's exports to India are palm oil, grain oil and garments, while India's exports to Cambodia are mostly medicines and textile accessories.

The framework agreement on comprehensive economic cooperation between ASEAN and India was signed by the Prime Minster of India and the Heads of the Governments of ASEAN members during the Second ASEAN-India Summit on Oct. 8, 2003 in Bali, Indonesia.

ASEAN consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Source: Xinhua