News

Cambodia, UK foster bilateral trade and economic cooperation

22/02/2024    62

The commitment was made during a meeting on Monday between Minister of Commerce Cham Nimul and Heather Wheeler, the Prime Minister’s Trade Envoy to Cambodia and Laos at the ministry.

Both sides discussed and shared the progress of the British Investment Partnership (BIP) and the utilization of the Developing Countries Trading Scheme (DCTS).

“Both discussed ways to foster closer and strengthened relations with the UK, particularly in trade and economic cooperation,” the ministry said in a statement.

The meeting was to discuss the progress of British Investment Partnerships and increasing utilization of the UK Developing Countries Trading Scheme, the UK embassy said following the meeting.

The UK is committed to supporting the development of the Cambodian economy and green and inclusive growth, it stated.

Cambodia started benefiting last April from the UK’s Developing Countries Trading Scheme (DCTS), a new type of customs preference.

Cambodia already benefits from the UK’s GSP which grants exports tariff-free and quota-free access to the UK market.

However, the DCTS replaces and improves the former trade preference scheme with a new approach being taken regarding the origin of the goods exported from Cambodia to the UK.

The bilateral trade between Cambodia and the UK amounted to $872 million in 2023, a year-on-year decrease of 10.7 percent, according to a General Department of Customs and Excise report.

Of which, Cambodia exported $796 million worth of goods to the UK, a year-on-year decrease of 10.2 percent and imports from the UK decreased by 15.9 percent to $76 million.

Exports to the UK mainly include clothing, footwear, bags, bicycles and agricultural products, while UK exports to Cambodia comprise automobiles, machinery, electrical appliances and electronics.

Source:Khmer Times