A possibility of a bilateral free trade agreement (FTA) between Mongolia and the Kingdom of Cambodia has been discussed.

The Secretary of State of the Cambodian Ministry of Commerce and the Mongolia Bilateral Free Trade Agreement negotiation working group held a meeting on Tuesday to exchange views on the Concept Note concerning an FTA feasibility study.

Cambodia and Mongolia signed a Memorandum of Understanding (MoU) in 2014 on the establishment of bilateral consultations aimed at strengthening joint cooperation in the fields of economy, trade, investment and tourism.

The World Bank has said the Kingdom needs to be well-prepared for the post-Covid-19 economy, which will require a strong focus on regional investment and expanding trade opportunities. There is an urgent need to facilitate domestic and foreign investment by increasing domestic value and creating more jobs, the Washington DC-based lending institution said.