Cambodia foresees boost in trade with UK post Brexit
10 Feb 20 2 min read
Cambodia expects bilateral trade relations with the United Kingdom (UK) to improve and exports to the UK to increase following its departure from the European Union (EU), according to trade officials from the country, whose commerce ministry recently said the UK’s market share of Cambodia’s exports was worth more than $1 billion last year.
Cambodia Chamber of Commerce vice president Lim Heng also foresees a steady rise in export of goods, especially garments, to the UK following Brexit.
The United Kingdom departed from the EU on January 31, implying its course of action is now independent of the European Commission’s decision regarding the Everything But Arms (EBA) scheme for Cambodia, according to Cambodian media reports.
The EU is set to announce its decision on EBA for Cambodia on February 12.
In the first three quarters of last year, Cambodian exports to international markets totalled $10.9 billion, the National Bank of Cambodia said. The United Kingdom was the fifth largest market, accounting for seven per cent of exports, following the United States, Japan, Germany and China.
British investors have mainly invested in sectors like garments, footwear, electronics and cigarettes.
However, Garment Manufacturers Association in Cambodia (GMAC) secretary general Kaing Monika feels the garment sector would remain largely unaffected by Brexit.
Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.
Cambodia Chamber of Commerce vice president Lim Heng also foresees a steady rise in export of goods, especially garments, to the UK following Brexit.
The United Kingdom departed from the EU on January 31, implying its course of action is now independent of the European Commission’s decision regarding the Everything But Arms (EBA) scheme for Cambodia, according to Cambodian media reports.
The EU is set to announce its decision on EBA for Cambodia on February 12.
In the first three quarters of last year, Cambodian exports to international markets totalled $10.9 billion, the National Bank of Cambodia said. The United Kingdom was the fifth largest market, accounting for seven per cent of exports, following the United States, Japan, Germany and China.
British investors have mainly invested in sectors like garments, footwear, electronics and cigarettes.
However, Garment Manufacturers Association in Cambodia (GMAC) secretary general Kaing Monika feels the garment sector would remain largely unaffected by Brexit.
Fibre2Fashion News Desk (DS)
Popular News
|
Apparel exports from Bangladesh to Europe tank 59.95% in Jan-Apr 2024 |
|
Italy’s consumer confidence index up from 95.2 to 96.4 in May: Istat |
|
Fashion house Burberry launches new flagship store in Hangzhou, China |
|
India's Finance Ministry to revamp duty drawback disbursement process |
|
Global recovery may have propelled India’s FY24 GDP growth to 8%: SBI |
|
Chinese manufacturing conditions markedly improve midway into Q2 2024 |