Cambodia's trade with China tops $10 mn 2 years before target
23 Dec 21 2 min read
Imports from China dropped nearly 7 per cent last year as garment factory closures reduced fabric demand.
When the Cambodia-China Free Trade Agreement (FTA) comes into force next year, Cambodia will import 340 kinds of goods from China, 95 per cent of which will be taxed at zero per cent
The two countries are members of the Regional Comprehensive Economic Partnership (RCEP), both of which come into force on January 1.
China’s commerce ministry said the FTA and RCEP will help raise imports from Cambodia and encourage Chinese companies to invest more in the Kingdom, according to Cambodian media reports.
It said Beijing is willing to help promote cooperation in infrastructure development, improve production capacity, expand the digital economy through e-commerce cooperation and develop more sustainable low-carbon industry.
The two countries signed a memorandum of understanding on establishing an investment and economic cooperation working group last week.
Cambodia’s main exports to China include milled rice, cassava, fresh mangoes, and bananas. It mainly imports fabric and accessories for garment production, construction materials and vehicles.
Fibre2Fashion News Desk (DS)
Popular News
|
EU Council adopts ecodesign; bans destruction of unsold textile |
|
Cotton sowing in north India may drop amid pest concerns, crop delayed |
|
AAFA, NCTO request PPE clarification for H 7356A in Rhode Island state |
|
Fabric makes up over 64% of China's textile exports to India |
|
AkzoNobel plans closure of sites in Netherlands, Ireland & Zambia |
|
ICE cotton continues decline, reversing earlier gains |