World

Cambodia acts in response to EU's lifting of preferential treatment

Cambodian Prime Minister Hun Sen on March 29 announced a number of measures to boost economic independence and support local exporters, given the possible lifting of the European Union (EU)'s preferential trade arrangement under the Everything But Arms (EBA) scheme.
Cambodia acts in response to EU's lifting of preferential treatment ảnh 1Cambodian Prime Minister Hun Sen (Photo: AFP/VNA)

Phnom Penh (VNA) - Cambodian Prime Minister Hun Sen onMarch 29 announced a number of measures to boost economic independence andsupport local exporters, given the possible lifting of the European Union(EU)'s preferential trade arrangement under the Everything But Arms (EBA)scheme.

Speaking at the 18thGovernment-Private Sector Forum in Phnom Penh, PM Hun Sen said the measuresinclude cancelling certificates of origin fees, pulling out Cambodia ImportExport Inspection and Fraud Repression (CamControl) unit from all bordercheckpoints, and removing the Kampuchea Shipping Agency and Brokers (Kamsab)officers from all ports.

Also, the Cambodian Governmentwill reduce logistics costs, fees on inspection of cargo containers by scanningmachines, and fees for getting customs papers stamped, he said.

From April 1, the fees forscanning cargo containers will be cut by half to 10 USD for a 20-foot containerand 16 USD for a 40-foot container.

Electricity tariff has beenreduced by 2 US cents per kWh for the industrial sector from this year, hesaid, adding that from next year, the annual 28-day public holidays will be cutby seven days.

The measures could lower operatingcosts for exporters by about 400 million USD per year, PM Hun Sen said andnoted that if the EU requires the country to pay the tariffs, it will be ableto meet the requirement.

According to the PM, if the EBAis not withdrawn by August 2020, Cambodia will still automatically lose it whenthe nation graduates from the least developed country status.

The EU is a major trading partnerfor Cambodia, particularly in the garment and footwear sectors. As a least developedcountry, Cambodia has enjoyed exports of all products, except arms and ammunition,to the EU market with zero-percent tariff since 2001.

The EU started in February the18-month process that could lead to the temporary suspension of Cambodia'sduty-free trading access to the EU market under the EBA scheme. If the EBA issuspended, tariffs issued on the country’s garment and footwear products willincrease by 12 and 8 percent, respectively.-VNA
VNA
#Cambodian Prime Minister Hun Sen#Cambodia acts in response to EU's lifting of preferential treatment#Everything But Arms scheme#18th Government-Private Sector Forum in Phnom Penh#Vietnam News Agency#vietnamplus
Follow VietnamPlus

Related News

Cambodia conducts national census after 11 years

Cambodia conducts national census after 11 years

Cambodian Prime Minister Hun Sen has called on Cambodians to take part a national census from March 3-13 by providing accurate information for officers so as to obtain correct national statistics for the country’s development.
Cambodia, China hold joint military exercise

Cambodia, China hold joint military exercise

Cambodia and China began the annual joint military exercise named Golden Dragon 2019 on March 13 in Cambodia’s Kampot province with the participation of nearly 3,000 soldiers of both sides.

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.