Cambodia and the United States Friday made marked progress towards a new trade framework aimed at boosting bilateral economic cooperation.
In a virtual meeting held on July 4, at the Council for the Development of Cambodia (CDC), Deputy Prime Minister and First Vice Chairman of the CDC, Sun Chanthol, led an ad-hoc working group in discussions with Sarah Ellerman, Assistant United States Trade Representative (USTR) for Southeast Asia and the Pacific.
During the talks, both sides reviewed and reached an agreement on the draft Joint Statement on the Framework for a United States-Cambodia Agreement on Reciprocal Trade. The joint statement, which outlines the foundation for enhanced trade relations, is expected to be made public soon.
The Cambodian government, under the leadership of Prime Minister Hun Manet, expressed its continued commitment to working closely with the United States to develop a strong, mutually beneficial trade and investment relationship.
The upcoming agreement is expected to pave the way for expanded market access, increased foreign investment, and greater economic opportunities for both countries.
Officials at the CDC highlighted that the government remains focused on strengthening Cambodia’s global economic standing while ensuring that such partnerships deliver real benefits to Cambodian businesses and citizens alike.
The discussions reflect the growing importance of Cambodia-US economic ties, with both sides emphasising the need for a stable and forward-looking trade framework that supports shared growth.
Lor Vichet, Vice-President of the Cambodia Chinese Commerce Association, told Khmer Times that the framework represents a significant step forward in enhancing economic ties between Cambodia and the United States, providing a solid structure and robust foundation for future trade relations to flourish.
He noted that the agreement helps foster greater trust and confidence among investors, particularly as both nations navigate the evolving global economic environment under the Trump 2.0 administration and beyond.
“The framework provides a strong basis for deepening bilateral trade and investment, creating an environment where businesses from both countries can engage with greater certainty and mutual benefit,” Vichet said.
He emphasised that the progress reflects the immense efforts and dedication of both governments in addressing long-standing trade and investment-related issues. “Both sides have shown a willingness to resolve challenges diplomatically and pragmatically. This balanced approach has culminated in what is shaping up to be a genuine win-win arrangement for both nations,” he added.
Vichet also expressed optimism about the long-term potential of the partnership, stating that the current developments could pave the way for more comprehensive trade agreements in the future. “The future landscape for US-Cambodia bilateral trade looks very promising.”
Anthony Galliano, Vice-President of the AmCham Cambodia and Group CEO of Cambodian Investment Management Holdings (CIM), told Khmer Times recently that while Vietnam was unsurprisingly the first in Southeast Asia to secure a trade deal with the United States, Cambodia holds potential to strengthen its own trade ties with Washington.
He stressed that Cambodia’s growing openness to foreign investment and its stable investment climate could support stronger economic engagement with the US in the future.
Source: Khmer Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
