Philippines, Cambodia ink pact on rice trade

MANILA, Philippines (Xinhua) - The Philippines and Cambodia have recently signed an agreement on rice trade to promote their mutual economic exchange, the Department of Foreign Affairs (DFA) said here today.

The Memorandum of Agreement (MOA) between the Government of the Republic of the Philippines and the Royal Government of the Kingdom of Cambodia on Rice Trade was signed on Thursday by Philippine Ambassador to Cambodia Noe Wong and Cambodian Senior Minister and Minister of Commerce Cham Prasidh, the department said in a statement.

"The MOA opens the way for the (Philippine) National Food Authority to import rice from Cambodia for the next two years through Green Trade (a Cambodian public enterprise)," it said.

Quoting Cham Prasidh, the DFA said that the agreement would help encourage broader trade between the two Southeast Asia countries.

The Philippines is currently the key importer of rice in the world, and the government expected the country to be self- sufficient in rice in the near future.