While graduating from the Least Developed Country (LDC) status in 2029, Cambodia will face challenges affecting her trade competitiveness, therefore the Kingdom has to transform those challenges into opportunities to further enhance her competitive capabilities in regional supply chains and global value chains (GVCs).
H.E. Mrs. CHAM Nimul, Minister of Commerce, made the remarks at the celebration of the 20th Anniversary of Cambodia’s Accession to the WTO (Oct. 13, 2004- Oct. 13, 2024), held here this morning under the presidency of Prime Minister Samdech Moha Borvor Thipadei HUN Manet.
In this regard, Cambodia has to diversify markets, increase competitiveness, expand production base, increase added value, connect global value and supply chains, reinforce trade facilitation, and increase investment attraction in new industries for sustainable and resilient growth, she underscored.
H.E. Mrs. CHAM Nimul added that the Ministry of Commerce had been carrying out strategies to maximise the benefits of free trad
e agreements such as ASEAN Free Trade Agreement (AFTA), AFTA Plus One, Regional Comprehensive Economic Partnership (RCEP), Cambodia-China FTA, Cambodia-Korea FTA and Cambodia-UAE Comprehensive Economic Partnership Agreement; and negotiating for the establishment of more FTAs with other potential partners in order to expand the market and strengthen the Cambodian export base to be more resilient and wider.
Additionally, the ministry has been taking part in fully implementing the Cambodia Garment, Footwear and Travel Goods (GFT) Sector Development Strategy 2022-2027, and strengthening good governance in private sector, and promoting e-commerce and digital business, and local trade.
At the same time, the ministry will continue to prepare and tighten the implementation of trade-related laws, policies and regulations, and collaborate with development partners in conducting detailed research on the impact on trade and on Cambodian strategies for a smooth LDC graduation in 2029, and in elaborating a roadmap and ac
tion plan to reduce the impact and boost the sustainable, inclusive and resilient economy.
Source: Agence Kampuchea Presse