Washington, D.C. - United States Trade Representative Susan C. Schwab met with Cambodian Minister of Commerce Cham Prasidh today in Cambodia to discuss ways to broaden
and deepen bilateral trade and investment ties between the two countries. The
visit is the first to the country by a U.S. Trade Representative and included a
bilateral meeting under the U.S.-Cambodia Trade and Investment Framework
Agreement (TIFA). Under the TIFA dialogue, Ambassador Schwab and Minister
Prasidh discussed Cambodia’s
recent strong economic growth, its domestic reform agenda, and implementation of
legal and trade reforms committed to under Cambodia’s 2004
accession to the World Trade Organization (WTO).
“Cambodia is working hard to put the
right policies in place to support an open and welcoming environment for trade
and investment,” said Ambassador Schwab. “There has been real progress on
the ground. We will continue to work together to build momentum to sustain
these reform efforts.”
The two officials reviewed Cambodia’s current efforts to improve trade
facilitation, protect intellectual property rights and enhance the
attractiveness and competitiveness of Cambodia’s investment climate.
Discussions focused on marking the progress Cambodia is
making in meeting the benchmarks for implementation of WTO-consistent trade
practices, as well as highlighting areas where additional work remains to be
done. The two countries agreed upon a plan of action under the TIFA
earlier this year, which will add momentum for trade-related reforms within
Cambodia.
The two ministers also discussed their mutual interest in
a successful conclusion to the WTO Doha negotiations and the instrumental role
that Cambodia can play as a least
developed country (LDC) in contributing to that outcome.
Background
Total two way goods trade between the United States and Cambodia
amounted to $1.95 billion dollars in the year to date through September 2007 and
totaled $2.2 billion in 2006. U.S. foreign direct investment in
Cambodia is approximately
$1million. Primary U.S. exports include vehicles and
machinery. The United
States is Cambodia’s largest export market
accounting for $1.85 billion worth of goods year to date through September
2007. Cambodia’s
primary exports to the United
States are knit and woven apparel.
Cambodia joined the WTO in 2004 as a
least developed country (LDC) and agreed as part of its accession to implement
WTO-consistent trading rules over a five-year transition period. The
U.S. - Cambodia Trade and Investment
Framework Agreement, signed in 2006, is the primary bilateral dialogue between
the two governments to discuss implementation of these commitments and other
trade and investment related issues.
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