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.
Cambodian Deputy Prime Minister Hor Nam Hong said on July 23 that Cambodia and China will sign a free trade agreement before August 12 ahead of the European Union’s partial withdrawal of the Everything-but-Arms (EBA) trade status.
The Garment Manufacturers Association in Cambodia (GMAC), the Cambodia Footwear Association (CFA) and the European Chamber of Commerce in Cambodia (EuroCham) on June 2 requested the European Commission to postpone its withdrawal of the ‘Everything But Arms’ (EBA) preferential trade scheme for 12 months so that the apparel, footwear and travel goods sectors recover.
The Council for the Development of Cambodia (CDC) has recently approved five investment projects worth 174.8 million USD that are expected to generate 2,458 jobs for locals.
Cambodian Prime Minister Hun Sen on February 24 promised to give tax breaks to garment factories hit by supply chain disruptions from the coronavirus epidemic and higher tariffs after the EU withdrew trade preferences.
Cambodia’s Prime Minister Samdech Techo Hun Sen on February 10 vowed to hit back if the EU decides to revoke the Everything But Arms (EBA) trade preference scheme at the upcoming European Commission meeting on February 12.
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.
Some managers and entrepreneurs have talked about business prospects for Cambodia in 2020 in recent interviews of Cambodia’s English-language newspaper Khmer Times.
The Council for the Development of Cambodia (CDC) recently approved three investment projects in the handbag and garment sector with a total capital investment of 8.8 million USD, according to the Phnom Penh Post.
The Garment Manufacturers Association in Cambodia (GMAC) has urged the European Union (EU) to maintain the Everything But Arms (EBA) trade preferences for Cambodia.
Cambodia’s rice exports to China have surged strongly after the European Union (EU) imposed duties on rice imports from the Southeast Asian nation, the World Bank (WB) said on May 6.
Cambodia’s economy is projected to expand 7 percent in 2019, lower than the rate of 7.5 percent recorded in the previous year as export moderate in line with a fall in global demand, according to the World Bank (WB)’s report.
Cambodia has announced that it will file a lawsuit against the EU to the European court after Brussels applied high tariffs on rice exported from the Southeast Asian country.
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.
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