Currently, Cambodia is benefiting from a preferential trade deal with the EU known as Everything but Arms. (Illustrative image. Source: Khmertimes)
Phnom Penh (VNA) – The Cambodian government is hoping to retain its preferential tradestatus with the United Kingdom (UK) after it left the European Union (EU).
Currently, Cambodia is benefiting from a preferential trade dealwith the EU known as Everything but Arms (EBA) but there are fears this will bewithdrawn later this month amid allegations of human rights breaches.
Although the UK will be bound by EU rules during a so-calledtransition period lasting until December 31, the Cambodian government hopesthat if the privilege is removed it will then be restored by the UK next year.
The UK officially left the EU after nearly five decades ofmembership, meaning it is no longer part of the largest trading bloc in theworld currently numbering 27 countries and is keen to find new tradingpartners.
Ky Sereyvuth, an economics professor and also director of theRoyal Academy of Cambodia’s Centre for China Studies, told Khmer Times onFebruary 3 that he had learned the UK will seek to maintain a special tradeprivilege for Cambodia, citing that the official Brexit deal will give rightthe UK to do so – but possibly only after the transition period ends.
Sereyvuth said he expected that the two countries would likelybegin discussing a free trade agreement this year.
During her visit to Cambodia last year, Heather Wheeler, UKMinister of the Foreign and Commonwealth Office for Asia and the Pacific, said thatCambodia is among 48 less-developed countries that will retain trade privilegesin the UK market./.
Cambodia attracted foreign direct investment (FDI) worth nearly 3.6 billion USD in 2019, up 12 percent year-on-year, an English-language daily has reported.
The Cambodian economy is projected to expand 6.1 percent this year, lower than the growth rate of 7.1 percent recorded in 2018, due to external headwinds, said Secretary of State of Cambodia’s Ministry of Economy and Finance Vongsey Vissoth on January 30.
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The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
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Currently, Cambodia is benefiting from a preferential trade deal with the EU known as Everything but Arms. (Illustrative image. Source: Khmertimes) 
