Addressing an event to celebrate the 20th anniversary of Cambodia’s accession to the World Trade Organization (WTO) in the capital, he said the country needs to implement measures to ensure sustainable development after the graduation.
Prime Minister Hun Manet recently said Cambodia is preparing a strategy to graduate from the least developed country (LDC) status by 2029.
Cambodia has received the UN Committee for Development Policy’s evaluation to pass the three-year review so that it can exit the LDC status.
Commerce minister Cham Nimul said the country will face the loss of preferential tariffs and stricter rules of origin.
Cambodia has received the evaluation of the United Nations Committee for Development Policy (CDP) to pass the three-year review so that the former can exit the LDC status.
The prime minister said the country needs to be self-reliant and independent following graduation.
Commerce minister Cham Nimul said the country will face the loss of preferential tariffs and stricter rules of origin for goods, which could affect its competitiveness in key markets.
“Cambodia must turn these challenges into opportunities by enhancing competitiveness, engaging in regional and global supply chains, diversifying markets, expanding production, adding value, strengthening trade facilitation and attracting investment in new industries to support sustainable and resilient growth,” Nimul was quoted as saying by domestic media reports.
These tasks are set out in the environmental section of the Pentagonal Strategy I, which his ministry and other relevant ministries are actively implementing, he added.
Fibre2Fashion News Desk (DS)
