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US, EU loath to remove preferences for Cambodian garments
28 Apr '18
1 min read
Courtesy: Photo by Fancycrave from Pexels
The United States and the European Union seem reluctant to remove preferential trade access for Cambodian garments sector despite rights groups urging for targeted sanctions following a political crackdown, including dissolution of the opposition Cambodia National Rescue Party (CNRP), ahead of a July general election, according to Fitch’s BMI research unit.
Around a third of Cambodia’s garments are destined for the EU.
Industry insiders feel cutting down trade preferences would hurt garment workers the most. The reluctance implies the worst-case-scenario of major industry disruption and factory closures is unlikely, a news agency reported citing BMI Research.
BMI maintained its forecast for real gross domestic product (GDP) growth to slow to 6.4 per cent in 2018 from 6.9 per cent in 2017, and added that rising wages meant economic diversification is needed. (DS)
Around a third of Cambodia’s garments are destined for the EU.
Industry insiders feel cutting down trade preferences would hurt garment workers the most. The reluctance implies the worst-case-scenario of major industry disruption and factory closures is unlikely, a news agency reported citing BMI Research.
BMI maintained its forecast for real gross domestic product (GDP) growth to slow to 6.4 per cent in 2018 from 6.9 per cent in 2017, and added that rising wages meant economic diversification is needed. (DS)
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