Logo of Phnom Penh Post newspaper Phnom Penh Post - Government: UK-Cambodian trade will remain strong

Government: UK-Cambodian trade will remain strong

Content image - Phnom Penh Post
Acting Minister of Commerce Kem Sithan met with a UK delegation on Tuesday.MINISTRY OF COMMERCE

Government: UK-Cambodian trade will remain strong

Two-way trade between Cambodia and the UK will remain strong even if the UK leaves the EU as bilateral trade between the two countries surpassed $1 billion last year, said Ministry of Commerce spokesman Seang Thay on Wednesday.

According to a Ministry of Commerce press release late on Tuesday after a meeting between a UK delegation and acting Minister of Commerce Kem Sithan, two-way trade between the Kingdom and the UK saw a huge increase last year from $500 million in 2012.

Seang Thay on Wednesday said the UK is set to be a major export market for Cambodia. While there has not been an official confirmation that the UK will continue to provide trade privileges to the Kingdom following Brexit, the ministry strongly believes that trade will see robust growth as the Cambodian government builds good political and economic relations with the UK.

“We will try to negotiate. We believe that the UK, which is a developed country, will be generous enough to grant trade privileges to us,” he said. “We believe bilateral trade between Cambodia and the UK will continue to see strong growth.”

Cambodia continuously has a trade surplus with the UK as export value from the Kingdom accounts for more than 70 per cent of the total trade. Textiles and bicycles represent the bulk of local products exported to the UK while UK exports to Cambodia include vehicles and medicines.

EBA status

The EU is currently one of Cambodia’s largest trading partners after the US. Under the “Everything But Arms” (EBA) agreement for Least Developed Countries, Cambodian exports to the EU receive preferential treatment. In Southeast Asia, there are currently four countries with EBA status: Cambodia, Laos, Myanmar and Timor-Leste.

However, a report by the German Development Institute released earlier this year has found that the UK’s withdrawal from the EU could have negative effects on Cambodia and other Southeast Asian countries.

MOST VIEWED

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior

  • Bullets to bracelets: Siem Reap man makes waste from war wearable

    Jewellery is often made from valuable gemstones like emeralds or diamonds and precious metals like gold or silver, or valueless things like animal horns. But a man in Siem Reap has approached the manufacture of delicate pieces from a different angle. His unique form of

  • 61% of 2022 imports came from just 3 markets

    The three largest exporters to Cambodia – mainland China, Vietnam and Thailand – accounted for 60.94 per cent of the Kingdom’s total merchandise imports last year, at $18.245 billion, which was up 11.99 per cent over 2021, according to the General Department of Customs and Excise. Cambodia’s total imports