Economy

Cambodia, U.S. Strengthen Trade Cooperation

Ministry of Commerce and the U.S. House of Representatives have discussed the strengthening of cooperation on trade between the two countries.The talks were held here on Aug. 2 between Cambodian Minister of Commerce H.E. Pan Sorasak, and a delegation …

Ministry of Commerce and the U.S. House of Representatives have discussed the strengthening of cooperation on trade between the two countries.

The talks were held here on Aug. 2 between Cambodian Minister of Commerce H.E. Pan Sorasak, and a delegation of the U.S. House of Representatives led by H.E. Jason Smith, Chairman of the U.S. House Committee on Ways and Means and H.E. Patrick Murphy, U.S. Ambassador to Cambodia.

In the meeting, H.E. Pan Sorasak briefed the delegation on Cambodia’s business and investment environment, especially the free trade agreements with China and Korea and the Regional Comprehensive Economic Partnership (RCEP) Agreement, offering large market access for Cambodia-made products.

He asked the U.S. side to accelerate the renewal of the Generalised System of Preferences (GSP) expired in late 2020, aimed to further strengthen the trade collaboration between the two countries for more mutual economic benefits.

Cambodia’s travel goods and bags are exported to the U.S. under the GSP while other goods including garment and footwear under the World Trade Organisation’s Most Favoured Nation (MFN) scheme.

The bilateral trade between Cambodia and the U.S. was amounted to US$4.35 billion in the first half of this year, a 9.6 percent decrease compared to the same period last year, according to the General Department of Customs and Excise’s report.

Cambodia’s exports to the U.S. reached over US$4.23 billion, a year-on-year decline of 8.9 percent while the imports from the U.S. dropped by 29 percent to US$119 million.

Source: Agence Kampuchea Presse (AKP)