Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth said the EU would continue contributing to the development of the Cambodian economy by strengthening trade and business ties.
He made this remark during a meeting with outgoing ambassador of the EU to Cambodia, Carmen Moreno, at the ministry on August 28.
Pornmoniroth acknowledged that the cooperation between Cambodia and the EU has gone smoothly, particularly with the latter’s support in the development of the Kingdom’s priority areas and key reform sites, where many achievements have been made despite Covid-19 and the Russia-Ukraine war.
He said the EU is one of Cambodia’s largest and most important trading partners, believing that the relationship and cooperation would remain strong under the new EU ambassador who would take office soon.
Moreno praised the Cambodian government’s efforts to ensure political and socio-economic stability, as well as the development of the country.
She was quoted as hailing the new government, which emerged from a free, fair and fair electoral process.
She also expressed great satisfaction with the launch of a “sharp” political programme, namely the Pentagonal Strategy-Phase I of the seventh-mandate government under the leadership of Prime Minister Hun Manet.
“The EU will continue to provide good and close cooperation and continue to support the government’s priority agenda and reform programmes to improve the living standards of the people,” Moreno said.
Cambodia Chamber of Commerce vice-president Lim Heng has previously said the EU is a major market for investment and some of Cambodia’s commodities.
The reason why Cambodia and EU trade increased in 2022 was due to good political and diplomatic relations and the existing Everything but Arms (EBA) preferential scheme.
“The provision of EBA means that some Cambodian goods are not subject to tax or are required to only pay a low tax,” he said.
Products exported to the EU market include garments, shoes, travel bags and agricultural products, while imports from the EU consist of autos, machinery, pharmaceuticals, electrical equipment and electronic components and some food products.
According to the Ministry of Commerce, bilateral trade between Cambodia and the EU in 2022 amounted to $4.9 billion, rising 16 per cent compared to $4.2 billion in 2021, making it the fourth largest trading partner after China, the US and Vietnam.
In terms of exports last year, shipment value to the EU rose 25.3 per cent to $4 billion from $3 billion in 2021, while imports dropped 15.5 per cent year-on-year to $811 million from $960 million.
The EU is Cambodia’s second largest export market after the US support the government’s priority agenda and reform programmes to improve the living standards of the people,” Moreno said.
Cambodia Chamber of Commerce vice-president Lim Heng has previously said the EU is a major market for investment and some of Cambodia’s commodities.
The reason why Cambodia and EU trade increased in 2022 was due to good political and diplomatic relations and the existing Everything but Arms (EBA) preferential scheme.
“The provision of EBA means that some Cambodian goods are not subject to tax or are required to only pay a low tax,” he said.
Products exported to the EU market include garments, shoes, travel bags and agricultural products, while imports from the EU consist of autos, machinery, pharmaceuticals, electrical equipment and electronic components and some food products.
According to the Ministry of Commerce, bilateral trade between Cambodia and the EU in 2022 amounted to $4.9 billion, rising 16 per cent compared to $4.2 billion in 2021, making it the fourth largest trading partner after China, the US and Vietnam.
In terms of exports last year, shipment value to the EU rose 25.3 per cent to $4 billion from $3 billion in 2021, while imports dropped 15.5 per cent year-on-year to $811 million from $960 million.
The EU is Cambodia’s second largest export market after the US.
