China-Cambodia FTA to take effect on Jan. 1, 2022

Cambodian Prime Minister Samdech Techo Hun Sen and visiting Chinese State Councilor and Foreign Minister Wang Yi attend the signing ceremony of a free trade agreement (FTA) between the two countries in Phnom Penh, Cambodia, Oct. 12, 2020. (Xinhua/Mao Pengfei)

BEIJING, Nov. 22 (Xinhua) -- The free trade agreement (FTA) signed between China and Cambodia will take effect on Jan. 1, 2022, according to the Ministry of Commerce (MOC).

The agreement, which was officially signed on Oct. 12, 2020, brings the proportion of zero-tariff products in the goods trade between China and the southeast Asian nation to more than 90 percent for both countries, the ministry said.

In the document, the two countries agreed to open up to each other as much as possible in the service trade sector.

Meanwhile, the two sides also agreed to deepen cooperation in investment, the Belt and Road Initiative, e-commerce, and economic and technical sectors, according to the MOC.

The FTA is a new milestone in the development of bilateral economic and trade relations, and will help enhance the well-being of enterprises and people of both countries, the MOC said.