In Cambodia (Photo: Phnom Penh Post) Hanoi (VNA) – Phnom Penh Post on May10 quoted a senior official from the Cambodian Ministry of Commerce as sayingthat Cambodia iswell-prepared to minimise economic risks when it graduates from its LeastDeveloped Countries (LDC) status.
Four LDCs –Cambodia, Laos, Bangladesh and Nepal – met at a virtual workshop last week toexplore potential solutions for managing a smooth exit from their UNdesignations, discuss potential challenges in the post-LDC era, and assess theimpact of COVID-19 on the textile and garment sector.
MinistrySecretary of State Pich Rithy stressed the importance of thegarment sector in promoting Cambodia's economic growth, and the benefits ofpreferential tariffs for increased export volumes.
He highlighted that ridding itself of the LDCstatus could present economic pains for the country, affecting tariffpreferences, rules of origin, investment attraction, competitiveadvantages and opportunities for trade assistance, and hence compounding theimpact of the COVID-19 crisis on garment and apparels.
To address these challenges, Cambodia has outlinedpolicies and strategies so that the nation can strengthen its competitiveposition and prepare for a successful exit from the LDC status. These includethe diversification of export markets through bilateral and multilateral freetrade agreements.
DeputySecretary General of the Garment Manufacturers Association in Cambodia KaingMonika said private sector development is the engine of economic growth and raises people's living standards.
Statistics from the General Department of Customs and Exciseof Cambodia showed that the country’s total exports of garment, footwearand travel goods reached 2.41 billion USD in the first quarter, down 6.48percent from 2.577 billion USD recorded in the same period last year./.
