PHNOM PENH, October 15 – Cambodian Prime Minister Hun Manet reaffirmed on Monday his country's commitment to the multilateral trading system and support for free trade. He made the statement in Phnom Penh during the celebration of the 20th anniversary of Cambodia's accession to the World Trade Organization (WTO).

Hun Manet stated that Cambodia became the 148th member of the WTO on October 13, 2004, and that the country has greatly benefited from trade with the rest of the world as a result of its WTO membership.

He said that Cambodia will continue to leverage existing bilateral, regional, and multilateral free trade agreements, such as the free trade agreement between Cambodia and China, the free trade agreement between Cambodia and South Korea, the free trade agreement between Cambodia and the United Arab Emirates, and the Regional Comprehensive Economic Partnership, to expand its exports.

He added that Cambodia's engagement with the WTO and these trade agreements will help the country graduate from its status as a least developed country by 2029, become a lower-middle-income country by 2030, and a high-income country by 2050.

Cambodian Minister of Commerce Cham Nimul, speaking at the event, said that WTO membership has enabled Cambodia to gain better access to international markets, allowing it to diversify its exports in various sectors, including textiles, agriculture, and electronics.

She added that foreign direct investment has also seen a remarkable increase, from $110 million in 2000 to approximately $5.3 billion in the first nine months of 2024.

Cham Nimul also noted that the volume of Cambodian trade has increased from approximately $4.5 billion in 2004 to $47.88 billion in 2023.

The Minister stated that this progress has significantly reduced the poverty rate in Cambodia, from 60% in 2000 to 16% in 2022.

XINHUA / gnews - RoZ

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