The draft law on approval of ASEAN Trade in Services Agreement was endorsed by the Cambodian cabinet ministers in their weekly plenary meeting held here at the Peace Palace this morning under the chairmanship of Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen.

The approval was made known by H.E. Phay Siphan, Minister Delegate Attached to the Prime Minister and Head of the Royal Government Spokesperson Unit on his Facebook page.

According to the ASEAN Secretariat, the ASEAN Trade in Services Agreement was signed by the ASEAN Economic Ministers on Oct. 7, 2020. The agreement affirms ASEAN’s commitment to free and open trade and regional economic integration, against the present multifaceted challenges of trade tensions, global pandemic and economic uncertainties.

The objectives of the agreement are to strengthen economic linkages and provide greater opportunities for economic development; increase trade and investment in the area of services and create larger markets and greater economies of scale; and reduce barriers to trade and investment in services and create a predictable business environment.

The agreement is also aimed to strengthen economic relations between Member States through: inter alia promoting and facilitating utilisation of the greater opportunities provided by the Agreement; promoting regulatory cooperation; developing co-operation in the field of human resource development; and increasing the participation of small and medium enterprises in trade and investment activities; and narrow development gaps between Member States to achieve a more equitable, balanced and sustainable socio-economic development.

Source: Agence Kampuchea Presse (AKP)