More rice trade deals underway to expand markets
More rice trade deals underway to expand markets
Cambodia is negotiating with some countries in the region on rice trade deals to expand the Cambodian rice market, said Cham Nimul, Minister of Commerce on Tuesday.
Discussions are underway on the preparation of a Memorandum of Understanding between Cambodia and the Singapore Food Agency (SFA), Cambodia and the Philippines International Trading Corporation (PITC), and Cambodia and the Guangdong-Hong Kong-Macao Greater Bay Area, she said.
“The Ministry of Commerce, via the Green Trade Company, has been persistently working on negotiating with certain countries in the region to expand the Cambodian rice market,” Nimul said in the opening ceremony of the ‘7th Cambodia Rice Forum 2024’.
The ministry is also working to push the implementation of a rice trade deal between Cambodia and Indonesia on exporting approximately 250,000 tonnes of Cambodian rice to Indonesia over a four-year period, as agreed upon by the leaders of both countries in September 2023 in Indonesia, she added.
A report from the Rice Federation of Cambodia shows that in the first eight months of 2024, Cambodia exported a total of 412,023 tons of milled rice worth $305 million to 65 target markets in the region and globally.
Raising production and storage capacity and elevating rice quality standards have boosted Cambodia’s rice in the international markets, said CRF’s President Chan Sokheang.
“Cambodian rice market is growing in the international market with good quality recognition, thanks for the cooperation and close works between government and private sector to promote Cambodia’s rice and enhance the quality of the commodity,” Sokheang added.
Recently, the ministry signed a memorandum of understanding with COFCO Corporation of the People’s Republic of China for the export of 500,000 tonnes.
China is the biggest market for Cambodia’s milled rice, importing 77,792 tons in the first eight months of this year, valued at $48 million, according to the report.
The Minister shared some recommendations for the Cambodian Rice Federation, rice exporting companies and relevant stakeholders to continue collaboration with the Ministry of Commerce and line ministry, particularly the Green Trade Company, to contribute to food security and facilitate the supply and export of rice to global markets and continue regular cooperation with all rice importers who are Cambodia’s trading partners.
She also urged rice exporting companies and relevant stakeholders to cooperate, gather their input and take steps to improve efficiency and quality, particularly by retaining current markets and exploring new ones.
