NORTH Korea wants to boost its ties with Cambodia that was established more than 50 years ago while South Korea hopes to increase trade with Cambodia.
North Korea’s deputy foreign minister Ri Kil Song conveyed this to Cambodia’s foreign affairs minister Prak Sokhonn during his recent visit here.
During their meeting, Ri and Sokhonn also discussed several other issues including United Nations’ sanctions against North Korea.
“It is important to note that Cambodia, as a member state, respects all decisions of the United Nations surrounding North Korea,” a Cambodian foreign ministry spokesman said.
The Khmer Times reported that Ri also noted that next year marked the 55th anniversary of ties between the two countries and invited Sokhonn to make an official visit to North Korea.
Ri had worked as an advisor at the North Korean embassy in Cambodia from 2004 to 2008.
International Relations Institute at the Royal Academy of Cambodia director general Kin Phea said the relations between Cambodia and North Korea were symbolic and a legacy that remains from the good ties enjoyed by them over the years.
Phea said relations between Cambodia and North Korea were merely diplomatic and there was no bilateral trade.
However, it is a different story with South Korea as trade between the two nations have steadily grown over the years.
Last year, trade volume between the two counties grew noticeably to around US$756 million (RM3.15 billion), a 14.7 per cent increase compared to 2017.
The two nations have also signed a joint feasibility study agreement on a potential free trade agreement (FTA) aiming to expand bilateral investments.
The agreement was signed by Cambodian Minister of Commerce Pan Sorasak and South Korean Minister for Trade Yoo Myung-hee at the two-day Asean - Republic of Korea Commemorative Summit in the South Korean port city of Busan.
The Phnom Penh Post said that the FTA was expected to create more jobs and investment opportunities, and promote service exports that would contribute more to economic growth and bring greater benefits to the people of both nations.
Cambodia’s main exports to South Korea include T-shirts, men’s clothing, electronics, shoes, luggage, aluminium, beverages, medical supplies, tents and natural rubber.
Imports from South Korea include trucks, clothes, mineral water, quilts, electronics, bulldozers, sheep leather, dyed cloth and beauty products.
The FTA will also be crucial in helping Korean firms penetrate deeper into Southeast Asian nations with prominent growth potential.
The move comes as Cambodia is poised to sign an FTA with China in the near future.
Earlier this month, Cambodia and China announced that they will sign an FTA next month that would enable Cambodia to send more agricultural products to the Asian giant.