Cambodian trade with UK shall remain strong

by Textile Quotient News Desk
9 May 2019

The trade between Cambodia and the UK will remain strong, according to the Ministry of Commerce. Bilateral trade increased from $500 million in 2012 to over $1 billion in 2018. The UK is set to be a major export market for Cambodia; when the UK leaves the EU, the EBA (Everything-but-arms scheme) will no longer apply, the UK will continue providing preferential access to Cambodia, as per the Ministry as it’s developed country, and under WTO rules, 97 to 98 percent of exports should be duty-free.

The Cambodian government is very positive that trade will see vigorous growth as the Cambodian government has good political and economic relations with the UK so it will be liberal enough to grant trade privileges to Cambodia.

Presently the European Union is Cambodia’s largest trading partners after the US. Under the “Everything But Arms” (EBA) agreement for Least Developed Countries, Cambodian is getting preferential treatment from the EU. However, if UK withdraws from the EU, it could have negative effects on Cambodia and other Southeast Asian countries.

The export value from Cambodia to U.K accounts for more than 70 per cent of the total trade. The country continuously has a trade surplus with the UK especially in Textile products.

 

Combodia Europe News

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