NCAC trade disputes reach 27: official
NCAC trade disputes reach 27: official
Investors have submitted 27 complaints regarding trade disputes to the National Commercial Arbitration Centre (NCAC), according to Ministry of Commerce secretary of state Cham Nimul.
Nimul revealed this figure while presiding over the opening ceremony of the training course on “Commercial Arbitration in Cambodia” held via Zoom on August 5, and organised by the Trade Training and Research Institute in collaboration with NCAC.
“Peace, domestic political stability, an attractive investment climate and favourable conditions from both internal and external factors have led to a significant increase in trade and investment activities, but also trade disputes,” she said.
On January 21, Minister of Justice Koeut Rith signed legislation establishing the Commercial Court Organising Committee.
And on June 24, the Ministry of Justice, Cambodia Chamber of Commerce (CCC) and other relevant stakeholders held a virtual consultation session looking to speed up the process of setting up the court.
CCC vice-president Lim Heng told The Post on June 30 that the justice ministry was preparing to set up commercial courts in three initial locations – in Phnom Penh and the provinces of Siem Reap and Preah Sihanouk.
“We expect the commercial courts to be established by the end of the year or early next year,” he said. “The court will play a significant role in building trust and confidence among businessmen and investors.”
Nimul pointed out that 2004 marked a historic event with Cambodia’s entry into the World Trade Organisation (WTO), following talks that dragged on for nearly a decade.
Full WTO membership conferred many rights to Cambodia and has provided ample opportunity to attract foreign investors to Cambodia, she said, reiterating that, as a general rule, trade disputes rise in tandem with growth in trade and investment inflows.
New business registrations rose from 2,535 in 2007 to 16,208 in 2019, she said, describing the surge as a reflection of Cambodian economic growth.
