Cambodia - Latest News/Current Events, Economic Overview & Trade Relations
Quick Facts about Cambodia
| Official Name | Kingdom of Cambodia |
| Capital | Phnom Penh |
| Location | Southeastern Asia, bordering the Gulf of Thailand, between Thailand, Vietnam, and Laos |
| Area | total: 181,040 sq km land: 176,520 sq km water: 4,520 sq km |
| Climate | tropical; rainy, monsoon season (May to November); dry season (December to April); little seasonal temperature variation |
| Terrain | mostly low, flat plains; mountains in southwest and north |
Editor PicksBrowse Asia News Archive
Cambodia Opposition Calls For Tariffs As Economic Crisis Mounts
Cambodia's opposition lawmakers are calling on the government to increase trade barriers and boost agricultural subsidies to cushion the impact of the global economic slowdown on the country's farmers.
Cambodia's opposition lawmakers are calling on the government to increase trade barriers and boost agricultural subsidies to cushion the impact of the global economic slowdown on the country's farmers. This is the first time parliamentarians have urged a protectionist response to the crisis. The opposition wants the government to increase tariffs on imported goods to cut the trade deficit with neighboring countries, citing the US$1.35 billion combined shortfall with Thailand and Vietnam.read source article
Cambodia To Set Up Own Standards System Soon
Cambodia is set to establish its own standards system that will match the International Organisation for Standardisation (ISO).
Cambodia is set to establish its own standards system that will match the International Organisation for Standardisation (ISO). The country has set up a standards institute to improve the quality of local food and water. The new Cambodian Standard (CS) will help local manufacturers gain access to external markets.Cambodian Stock Exchange Deal Signed
The Cambodian government signed an agreement to set up the country's first stock market yesterday with the Korea Exchange (KRX).
The Cambodian government signed an agreement to set up the country's first stock market yesterday with the Korea Exchange (KRX). The exchange will start small, with up to five companies listed. But authorities have no fixed date for the stock exchange launch. The original launch date was in September 2009, but the global economic slowdown forced authorities to delay until December at the earliest. The launch date will ultimately depend on the progress of publicity, training and infrastructure. The agreement gives the Ministry of Finance 55 percent of shares and KRX the remaining 45 percent.read source article
Cambodia Special Economic Zone Growth Slows
The global financial crisis has slowed down the development of Cambodia's special economic zone (SEZ).
The global financial crisis has slowed down the development of Cambodia's special economic zone (SEZs). The countries 21 licensed SEZs had trouble attracting investments even before the economic crisis hit. Many of these SEZs are in the middle of construction and are supposed to be done by 2015. But due to the current crisis and the lack of new investors, the completion of the project might have to be delayed. Out of the 21 licensed SEZs, only six are being actively developed.Cambodia Textile Imports Reach $1B
According to the Garment Manufacturers Association of Cambodia, Cambodia's garment industry imported $1 billion in raw materials last year.
According to the Garment Manufacturers Association of Cambodia, Cambodia's garment industry imported $1 billion in raw materials last year. This led to calls for more local production of raw materials to cut costs and improve access to Western markets. 66 percent of garment components were imported from China and the rest came from Taiwan and South Korea.read source article
Cambodia: Vietnam Border Trade Up
The border provinces of Cambodia and Vietnam accounted for over $1.1 billion of the $1.6 billion total two-way trade between the two countries in 2008. Border trade has been on the rise since the signing of a bilateral memorandum of understanding on border trade facilitation. It is hoped that increased border trade will also improve the socioeconomic development of those areas.
The border provinces of Cambodia and Vietnam accounted for over $1.1 billion of the $1.6 billion total two-way trade between the two countries in 2008. Border trade has been on the rise since the signing of a bilateral memorandum of understanding on border trade facilitation. It is hoped that increased border trade will also improve the socioeconomic development of those areas.Browse Asia News Archive
Trade Agreements
ASEAN - China Free Trade Area
The ASEAN - China Free Trade Agreement will apply in an area involving 1.7 billion consumers, making it the world's largest trading area. The agreement currently establishes a zero-tariff market. The agreement now contains trade in goods, services and dispute settlement. Investment is still under negotiation.
ASEAN - Korea Free Trade Area
Under the ASEAN- Korea Free Trade Agreement, Korean businesses will gain access to the ASEAN market, which contains nearly 500 million people. The agreement contains trade in goods and tariffs will be either eliminated or reduced on Korean products. http://www.aseansec.org/18063.htm
ASEAN Free Trade Area
Initiated in 1992, ASEAN Free Trade Area (AFTA) main mechanism used to reduce tariffs in ASEAN. It originally contained six members (Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand) the other four members (Vietnam -1995, Laos -1997, Myanmar-1997 and Cambodia-1999) joined after the original agreement was signed. In order to join ASEAN, they had to agree to AFTA. The overall objective of AFTA is to encourage more foreign investment to ASEAN and establish ASEAN as a world competitor by eliminating both tariff and non-tariff barriers within ASEAN. Over the next 15 years, ASEAN agreed to reduce tariffs 0-5%. http://www.aseansec.org/19346.htm
Trade and Investment Framework Arrangement between the United States of America and the Association of Southeast Asian Nations
United States of AmericaThe Enhanced partnership between ASEAN and the United States will increase cooperation and understanding in the areas of politics, economics and safety. EAI, Enterprise ASEAN Initiative, will strengthen economic cooperation and will allow and increase of trade and investment between both parties. Both sides have also vowed to work together on various projects in the development arena including, fighting infectious disease and disaster relief. http://www.ustr.gov/assets/Trade_Agreements/TIFA/asset_upload_file932_9760.pdf
Trade Organizations
ASEAN Plus 3
Forum as a coordinator of cooperation between ASEAN and China, Japan and South Korea.
Asia Cooperation Dialogue (ACD)
The Asia Cooperation Dialogue (ACD) is an International Organization to promote Asian cooperation at a continental level, helping to integrate the previously separate regional organizations of political or economical cooperation such as ASEAN, SAARC
Association of Southeast Asian Nations (ASEAN)
Association of Southeast Asian Nations, commonly referred to as ASEAN, is a geo-political and economic organization of 10 countries located in Southeast Asia, which was formed on August 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand. Its aims include the acceleration of economic growth, social progress, cultural development among its members, and the promotion of regional peace.
Ayeywady-Chao Phraya-Mekong Economic Strategy
The Ayeywady-Chao Phraya-Mekong Economic Strategy (ACMECS)was formed as a political, economic and cultural organization. The ACMECS places an emphasis on using self help and partnership to achieve sustainable development, including poverrty reduction, in line with the UN Millennium Development Goals.
East Asia Summit (EAS)
The East Asia Summit (EAS) is a Pan-Asia forum of 16 countries in East Asia, with ASEAN in a leadership position.