World

Cambodia acts in response to EU's lifting of preferential treatment

Cambodian Prime Minister Hun Sen on March 29 announced a number of measures to boost economic independence and support local exporters, given the possible lifting of the European Union (EU)'s preferential trade arrangement under the Everything But Arms (EBA) scheme.
Cambodia acts in response to EU's lifting of preferential treatment ảnh 1Cambodian Prime Minister Hun Sen (Photo: AFP/VNA)

Phnom Penh (VNA) - Cambodian Prime Minister Hun Sen onMarch 29 announced a number of measures to boost economic independence andsupport local exporters, given the possible lifting of the European Union(EU)'s preferential trade arrangement under the Everything But Arms (EBA)scheme.

Speaking at the 18thGovernment-Private Sector Forum in Phnom Penh, PM Hun Sen said the measuresinclude cancelling certificates of origin fees, pulling out Cambodia ImportExport Inspection and Fraud Repression (CamControl) unit from all bordercheckpoints, and removing the Kampuchea Shipping Agency and Brokers (Kamsab)officers from all ports.

Also, the Cambodian Governmentwill reduce logistics costs, fees on inspection of cargo containers by scanningmachines, and fees for getting customs papers stamped, he said.

From April 1, the fees forscanning cargo containers will be cut by half to 10 USD for a 20-foot containerand 16 USD for a 40-foot container.

Electricity tariff has beenreduced by 2 US cents per kWh for the industrial sector from this year, hesaid, adding that from next year, the annual 28-day public holidays will be cutby seven days.

The measures could lower operatingcosts for exporters by about 400 million USD per year, PM Hun Sen said andnoted that if the EU requires the country to pay the tariffs, it will be ableto meet the requirement.

According to the PM, if the EBAis not withdrawn by August 2020, Cambodia will still automatically lose it whenthe nation graduates from the least developed country status.

The EU is a major trading partnerfor Cambodia, particularly in the garment and footwear sectors. As a least developedcountry, Cambodia has enjoyed exports of all products, except arms and ammunition,to the EU market with zero-percent tariff since 2001.

The EU started in February the18-month process that could lead to the temporary suspension of Cambodia'sduty-free trading access to the EU market under the EBA scheme. If the EBA issuspended, tariffs issued on the country’s garment and footwear products willincrease by 12 and 8 percent, respectively.-VNA
VNA
#Cambodian Prime Minister Hun Sen #Cambodia acts in response to EU's lifting of preferential treatment #Everything But Arms scheme #18th Government-Private Sector Forum in Phnom Penh #Vietnam News Agency #vietnamplus Cambodia
Follow VietnamPlus

Related News

Cambodia conducts national census after 11 years

Cambodia conducts national census after 11 years

Cambodian Prime Minister Hun Sen has called on Cambodians to take part a national census from March 3-13 by providing accurate information for officers so as to obtain correct national statistics for the country’s development.
Cambodia, China hold joint military exercise

Cambodia, China hold joint military exercise

Cambodia and China began the annual joint military exercise named Golden Dragon 2019 on March 13 in Cambodia’s Kampot province with the participation of nearly 3,000 soldiers of both sides.

See more

Emeritus Professor Hal Hill at Crawford School of Public Policy, Australian National University. (Photo: VNA)

Australian professor hails Vietnam’s important role in ASEAN

In a recent interview with the Vietnam News Agency (VNA)'s resident correspondents in Sydney, Hill underscored that the S-shaped country is the most dynamic economy in Southeast Asia in this century, particularly over the past 25 years, pointing to its seamless integration into global manufacturing networks.

President Ferdinand Marcos Jr. (Photo: PPA)

Philippine President revamps cabinet

President Marcos on March 22 called on all cabinet members to submit their resignations, paving the way for a "major government reset" aimed at better meeting public expectations following disappointing results in the recent midterm elections.

Senior officials from ASEAN member states convenes their first formal meeting within the framework of the 46th ASEAN Summit and related events on May 23. (Photo: asean.org)

Malaysia welcomes delegates to 46th ASEAN Summit

Speaking ahead of the event, Malaysian Prime Minister Anwar Ibrahim said the summit would focus on enhancing intra-ASEAN cooperation, boosting regional economic interests, and promoting investment initiatives.