Over 30 associations co-sign a letter to the European Commissioner for Trade expressing concern over the potential withdrawal of Cambodia’s preferential trade status under the Everything-but-arms (EBA) scheme.
The Everything But Arms (EBA) initiative is a unilateral preferential treatment offered by the EU to least developed economies with the aim of helping them develop their economy and reduce poverty.
In 2019 the Kingdom’s economy will grow at a rate of 7 percent, according to the nation’s Central Bank, who noted in its latest report that such growth may be weakened by a number of internal and external factors.
It has been a busy year – from the EU announcement that it is considering revoking Cambodia’s Everything-but-arms (EBA) status to the issuance of the country’s first corporate bond, 2018 has been a rollercoaster in terms of trade and business developments.
Prak Sokhonn, the Cambodian Foreign Minister, will meet European Union’s Trade Commissioner Cecilia Malmstrom in Brussels next month to push forward the Kingdom’s viewpoint on the potential cancellation of the Everything-but-arms (EBA) scheme.
Trade with foreign partners decelerated in 2018, with exports growing by just 4 percent, compared to 19 percent last year.
Chheang Vun, chairman of National Assembly’s commission on Foreign Affairs, International Cooperation, Information and Media today met with French National Assembly vice president Sylvain Waserman to discuss about Everything-but-arms scheme.
The Cambodia-EU fight may have wider implications for Cambodia and for the SEA.
The outright election victory of the Cambodian People’s Party, led by Prime Minister Hun Sen, has secured political stability and social order in the Kingdom.
A year ago, the European Union offered Cambodia the option of using a unique Harmonised Systems Code (HS Code) for its Jasmine fragrant rice and white rice to differentiate it from other Indica rice, a move that could have saved the nation from the conundrum it now finds itself in.
The National Assembly is reviewing a five-year ban on more than 100 members of the former opposition party, which could allow them to return to politics, following threats by the European Union to revoke the Everything-but-arms treaty.
Deputy secretary-general of GMAC Kaing Monika sits down with Business Insight to share his views on the EBA, relating the EU’s threat to remove the EBA to a court case saga in which Cambodia is the accused.
For more than a decade, Cambodia has had excellent trade ties with the EU, registering some 5.8 billion euros ($6.56 billion) worth of exports in 2017, compared with a mere 837 million euros ($947 million) in 2007.
The cancellation of the Everything But Arms (EBA) scheme would severely affect trade, investor sentiment, and the overall economy, said experts.
The potential cancellation of the Everything-but-arms (EBA) scheme will not have an impact on development projects in Cambodia funded by the European Union, according to George Edgar, the EU Ambassador to Cambodia.
For Cambodia, EBA provides a lot of benefits to the agriculture industry, in particular, rice and a number of other potential products.
Cambodia must embark quickly in an effort to diversify its manufacturing base.
The United Nations Special Rapporteur on Human Rights in Cambodia said the government must take measurable steps to promote human rights in order to avoid the withdrawal of the Everything-but-arms treaty with the European Union.
The British Chamber of Commerce in Cambodia says the withdrawal of EBA risks making Cambodian factories commercially unviable.
Any temporary suspension of the EBA treaty might have a long-term negative impact.
If nothing else happens, a dismal outlook looms ahead as Cambodia’s trade preferences under the Everything But Arms (EBA) agreement granted in 2011 by the European Union (EU) risk termination in 18 months.
The EU’s withdrawal of Cambodia’s trade preferences under the Everything but Arms scheme will now force the country to rethink its industrial policy, writes Soun Nimeth.
Experts believe Cambodia is still safe over the Everything But Arms (EBA) scheme.
Two countries in Asean have now been accorded pariah-like status in what seems to be clear double standards practiced by the EU.
The EU has recently issued a statement regarding its trade preference in the Everything but Arms (EBA) programme for Cambodia.
The European Union says they are considering the removal of Cambodia from its Everything-but-arms (EBA) trade scheme.
Representatives of the private sector urge the EU not to cancel the Everything-but-arms.
Government officials and business leaders say economic sanctions from the European bloc are an unlikely scenario.
Moving forward, so long as the CPP leadership is committed to maintaining a democratic regime, it is imperative that doing business as usual won’t help.