Cambodian Prime Minister Hun Sen recently launched a policy to counter the impact of the potential revocation of the country’s preferential trade status with the European Union (EU) and the United States. The ‘National Independence Policy’ aims at making growth less reliant on the European and US markets by facilitating trade through land border crossings.
It will focus on improving the trade policy and customs procedures while reducing expenses at the border, Sen told journalists at an annual dinner event.Cambodian Prime Minister Hun Sen recently launched a policy to counter the impact of the potential revocation of the country's preferential trade status with the European Union (EU) and the United States. The 'National Independence Policy' aims at making growth less reliant on the European and US markets by facilitating trade through land border crossings.#
The set of strategies will protect and improve businesses so that the country can survive even if it loses the Everything-But-Arms (EBA) scheme of the EU, he said.
Under the new policy, only immigration and customs officials will be present at the land borders to reduce costs. Export and import fees will also be reduced as part of the new policy, Cambodian media reports quoted Sen as saying.
The EU accounts for 46 per cent of Cambodia’s garment exports. Last week, two US senators, Ted Cruz and Chris Coons, introduced the Cambodian Trade Act of 2019, which would require the US Government to review the preferential trade treatment Cambodia receives under the general system of preferences (GSP).
Last year also the EU began the process of withdrawing Cambodia’s EBA status responding to reported democratic and human rights violations in the country. (DS)
Fibre2Fashion News Desk – India
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
