Cambodia and Thailand Agree to Boost Trade along Phnom Penh-Bangkok Route

A bilateral agreement between Cambodia and Thailand on the enhancement of trade and tourism took effect yesterday at the Aranyaprathet-Poipet border crossing, Asian Development Bank (ADB)’s press release said.

Mr. Craig Steffensen, Country Director of ADB’s Thailand Resident Mission, who attended the inauguration ceremony said this agreement will reduce logistics costs and facilitate economic growth and social development between Thailand, Cambodia and other Mekong nations.

It is an ability to move people, goods, and vehicles across borders efficiently and responsibly, he said.

Under the bilateral agreement – which serves as an initial measure to implement the Cross Border Transport Agreement (CBTA) at the border, trucks and buses traveling along the busy Bangkok-Phnom Penh route will be able to cross the border and continue on their journeys, whereas they were previously required to stop at the border, then transfer goods and passengers to vehicles waiting on the other side, according to the press release.

The CBTA is a flagship initiative of the GMS Economic Cooperation Program, which aims to address inconsistent and difficult border crossing formalities such as restrictive visa requirements, restrictions on entry of motor vehicles, and the prohibition or prevention of transit traffic, all of which have been affecting regional trade and development, it added.

To date, all GMS countries have fully ratified the CBTA main agreement and four countries have fully ratified the CBTA Annexes and Protocols.

Sourced: AKP