Tobacco’s tariff-free status renewed

Vietnam agreed yesterday to waive all duties on the 3,000 tons of leaf tobacco that it imports annually from Cambodia, according to a bilateral agreement signed at back-to-back summits called to promote economic co-operation in the Greater Mekong Sub-region, according to a story in The Khmer Times.

The bilateral trade enhancement agreement between Vietnam and Cambodia was signed in Hanoi by the Vietnamese Minister of Industry and Trade Tran Tuan Anh and Cambodia’s Commerce Minister Pan Sorasak.

The 7th Ayeyawady-Chao Phraya-Mekong Economic Co-operation Strategy Summit and the 8th Cambodia-Laos-Myanmar-Vietnam Co-operation Summit, also gave special preferential treatment to 39 export items from Cambodia and 29 items from Vietnam.

Soeng Sophary, a spokesperson at Cambodia’s Ministry of Commerce, told the Times that the bilateral agreement between Cambodia and Vietnam had been signed several years ago, but had expired recently.

So both parties had taken advantage of the summits to renew the agreement and, at the same time, add new items to the list of those given tariff-free status by the two countries, said Sophary.

The bilateral agreement had paved the way also for the private sector to be more involved in trade between Cambodia and Vietnam.

According to the Viet Nam News’ website, the Vietnamese Prime Minister Nguyen Xuan Phuc addressed the opening of the summits.

He reportedly said the two summits had contributed to important achievements, such as promoting the socio-economic development of each country, helping with the establishment of the Asean Community and aiding peace and stability in the region.