EU partially withdraws tariff preferences to Cambodia under EBA
Cambodia’s annual 7-billion-USD garment and textile sector is expected to suffer losses from the European Union (EU)’s partial withdrawal of the tariff preferences granted to the Southeast Asian country under the Everything But Arms (EBA) trade agreement from August 12.
Workers at a garment-textile firm in Cambodia (Source: Khmer Times)
Hanoi (VNA) –
Cambodia’s annual 7-billion-USD
garment and textile sector is expected to suffer losses from the European Union
(EU)’s partial withdrawal of the tariff preferences granted to the
Southeast Asian country under the Everything But Arms (EBA) trade agreement from
August 12.
The move follows the EU
decision made in February 2020 even though the Cambodian government and private
sector have been trying to lobby the bloc not to implement or at least delay the
withdrawal, according to the local media Khmer Times.
The EU is Cambodia’s largest trading partner. The EU's decision affects one-fifth (or 1.08 billion USD) of Cambodia’s annual exports to the union./.