Cambodia, US to strengthen trade, investment cooperation
Cambodia, US to strengthen trade, investment cooperation
Cambodia and the United States have reaffirmed their commitment to bolster cooperation in trade and investment.
At a meeting, held last Friday, Rath Saravuth, Secretary of State of Commerce and US Trade Representative delegation led by Wallis Yu, Director for Southeast Asia and the Pacific, underscored a shared desire to unlock further economic opportunities.
Both discussed bilateral trade and investment relations between the two countries.
“Both parties reaffirmed their commitment to strengthening cooperation in trade and investment, as well as to advancing various policies to promote prosperity and sustainable development,” the Ministry of Commerce said in a statement.
At the meeting, Saravuth expressed high appreciation for the technical assistance provided by the United States government to Cambodia in the past, which helped to expand cooperation in several priority sectors within bilateral and regional frameworks.
According to figures from the General Department of Customs and Excise of Cambodia, the bilateral trade reached $2.68 billion in the first four months this year, reflecting a year-on-year increase of 6.5 percent.
Cambodia exported $2.61 billion worth of goods to the world’s largest economy, up 6.8 percent from the same period last year.
Cambodian exports to the US, primarily consisting of garments, travel goods, and agricultural products, have witnessed significant growth.
The rise in US exports to Cambodia, however, has been more modest. Machinery, equipment, and pharmaceutical products form the bulk of US exports to Cambodia, and the Cambodian government is keen to see diversify further.
Both Cambodia and the US appear committed to addressing challenges and fostering a thriving trade relationship. Ongoing dialogue, investment initiatives and efforts to diversify trade flows will be crucial in solidifying this partnership.
The discussions were productive and emphasized the importance of a strong trade relationship, said Lim Heng, Vice President of the Cambodia Chamber of Commerce (CCC).
“The US market presents a vast opportunity for Cambodian exporters,” he said. “We welcome continued US investment in Cambodia. Diversifying US exports to include more agricultural products and consumer goods could benefit both economies,” Heng told Khmer Times.
