Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of the Kingdom of Cambodia, presided over the celebration of the 20th Anniversary of Cambodia’s Accession to the World Trade Organisation (WTO), held at Sokha Phnom Penh Hotel this morning.
The celebration reaffirmed the importance of Cambodia’s membership in the WTO, as well as the Kingdom’s continued support for the Rules-Based Multilateral Trading System with openness, transparency, equality and WTO-centered inclusiveness.
In his keynote address, the Premier underlined that the Royal Government will continue to strengthen and promote free trade with all development partners, and in order for Cambodia to graduate from the LDC status, the country must strengthen her products and internal services and expand her external markets.
Cambodia became the 148th member of the WTO – a prominent global trade network contributing indispensably to the country’s growth – on 20 on Oct. 13, 2024.
According to H.E. Mrs. Cham Nimul, Minister of Commerce, the membersh
ip has allowed Cambodia’s better access to international markets that are WTO members, especially through the Most-Favoured Nation (MFN) trading terms and entitlement to Special and Differential Treatment (SDT), and Duty-Free and Quota-Free (DFQF) export mechanisms.
These have enabled the country to expand and diversify its exports from garments and textiles to other sectors, including rice, travel goods, footwear, electronics, and bicycles, among others.
National trade policies, regulations, reforms, and other commitments required by the WTO, along with its technical assistance and capacity building, have improved Cambodia’s ability to participate in international trade negotiations and the effective implementation of bilateral, regional, and international trade agreements.
As a WTO member, Cambodia has also engaged actively in global trade policy discussions and negotiations to craft international trade rules that ensure economic development.
With the opportunity, Cambodia built up its gross domestic pr
oduct (GDP) from US$ 5.3 billion in 2004 to US$ 29.61 billion in 2022. The country’s foreign direct investment increased from US$ 110 million in 2000 to US$ 4.9 billion in 2023.
Cambodia’s trade volume of about US$ 4.5 billion in 2004 increased to US$ 47.88 billion in 2023, of which Cambodia’s total exports were around US$ 23.47 billion, among its main trading partners including China, the United States, the European Union, Japan, Thailand, Vietnam, and South Korea.
The progress reduced Cambodia’s poverty rate from 60 percent in 2000 to 16 percent in 2022, and the country is standing firm and ready to graduate from the United Nations’ category of least developed countries by 2029.
Source: Agence Kampuchea Presse