The British Trade Envoy yesterday reaffirmed to the government that the United Kingdom’s bilateral trade with Cambodia will not be negatively impacted in light of ongoing negotiations on the UK’s position within the European Union.
The comment was made while Foreign Affairs Minister Prak Sokhonn met with British Trade Envoy Edward Vaizey at the ministry in a bid to boost bilateral ties and trade between the two nations.
Speaking after the closed-door meeting, ministry spokesman Chum Sounry reported that Mr Vaizey stressed that the UK government did not foresee any problems arising from the UK leaving the EU in relation to trade with Cambodia.
“Mr Vaizey underlined that after the UK’s exit from the EU, the UK government will continue to strengthen bilateral trade with Cambodia,” said Mr Sounry.
In June 2016, British citizens voted to exit the EU. The referendum roiled global markets, including currencies, causing the British pound to fall to its lowest level in decades.
The UK is presently one of the largest export markets for Cambodia under its “Everything But Arms” agreement with the EU.
“Mr Vaizey said the UK is ready to play an active role as an important partner with Cambodia to boost bilateral trade between the two countries,” Mr Sounry said.
Cambodian officials also used the meeting to request the British envoy to import agriculture products, including rice and pepper, which has received Protected Geographical Indication status from the EU, along with palm sugar from Kampong Speu province.
“Mr Vaizey believes that in the near future, Cambodian palm sugar will be popular in the UK market,” said Mr Sounry.
Mr Sounry added that last year bilateral trade volume between Cambodia and UK was valued at $1.03 billion, while Cambodia’s exports to the UK were valued at $1.01 billion.