Cambodia and the United Kingdom are currently drafting a memorandum of understanding (MoU) to boost trade between both nations, according to the Ministry of Foreign Affairs and International Cooperation’s news release this afternoon.
The draft MoU was raised during the meeting here on Jan. 12 between H.E. Prak Sokhonn, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, and H.E. Dominic Williams, British Ambassador to Cambodia.
"Both sides welcomed the increasing bilateral trade volume and shared hope the negotiation on the draft MoU on Trade between the two countries will be concluded soon to further boost it,” the press release added.
According to the data from the UK’s Department for International Trade, the total trade in goods and services between the UK and Cambodia was £811 million in the four quarters to the end of Q2 2022, an increase of 13.9 percent or £99 million.
The total UK exports to Cambodia amounted to £174 million in the four quarters to the end of Q2 2022, up 41.5 percent or £51 million, and the total UK imports from Cambodia amounted to £637 million in the four quarters to the end of Q2 2022, up 8.1 percent or £48 million.
Cambodia was the UK’s 87th largest trading partner, accounting for 0.1 percent of total UK trade.
Source: Agency Kampuchea Press