Cambodia enhances trade, global recovery
MINISTER of Commerce Cham Nimul recently highlighted the impact of global issues on post-pandemic economic recovery and Cambodia’s active role within the framework of the World Trade Organisation (WTO).
Nimul emphasised that trade is crucial for both national and international economic development at the Multilateral Meeting on Trade for Development at the World Economic Forum (WEF) in Davos, Switzerland, on January 16.
She noted the important role of trade in driving the economy, creating jobs and improving the standard of living for people.
She also stressed the importance of the trade sector, raising several issues that hinder national and global economies, such as global health issues, wars and conflicts, which continue to impact global economic recovery.
The minister said Cambodia has been actively involved in the WTO’s multilateral system to contribute to the recovery.
She said this includes being a negotiation member of the Investment Facilitation for Development discussions and actively implementing trade fostering agreements, according to a ministry press release on January 17.
“Cambodia has been proactive in improving trade operations in the region through the establishment of a digital system to facilitate trade and promote ASEAN digital transformation,” Nimul was quoted as saying.
She expressed hope that the country’s foresighted stance would strengthen the trade sector, a key driver for both national and global economies.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia,
supported the minister’s views, highlighting the substantial contribution of trade to national economic growth.
“No matter whether it’s agriculture or industrial products, trading them both domestically and internationally is crucial for economic growth,” he said.
To enhance trading effectiveness and reach, Vanak urged the government to consolidate existing markets and explore new ones, increase product quantity and improve quality to meet international market standards.
According to the General Department of Customs and Excise (GDCE), the Kingdom’s total trading volume reached over $46.82 billion in 2023, marking a nearly 2% decline from 2022.
Exports accounted for over $22.64 billion, an increase of nearly 2%, while imports totalled $24.18 billion, a decrease of 5%.