Launch of the UK’s Developing Countries Trading Schemes in Cambodia

In the afternoon of March 28, 2023, at the Himawari Hotel, at the invitation of HE Dominic Williams, Ambassador of the United Kingdom to the Kingdom of Cambodia, HE Sam Heng Bora, Secretary of State of the Ministry of Commerce and Representative of HE Pan Sosak, Minister of Commerce Keynote address on Cambodia-UK bilateral trade relations at the inauguration of the UK’s Developing Countries Trading Schemes in Cambodia and with the participation of representatives Ministry of Foreign Affairs and International Cooperation, Ministry of Agriculture, Forestry and Fisheries, as well as senior officials from the Ministry of Commerce and the private sector.

On that occasion, HE Secretary of State highly appreciated the bilateral trade relations between Cambodia and the United Kingdom and considered the United Kingdom as an important trading partner of Cambodia. The Secretary of State also thanked the Royal Government of the United Kingdom for its continued support to Cambodia by maintaining the provision of trade preferences to Cambodia, even though the United Kingdom has left the European Union. UK For the new developing countries, Cambodia still benefits and can export to the UK market with zero tariff preferences with simpler procedures, rules of origin of goods that are easier to fulfill and additional rules that can be included. Includes items from more than 95 countries.

At the same time, the Secretary of State expressed his strong belief that the new preferential trade system will help boost bilateral trade and increase quality goods from Cambodia to the UK market.

In his keynote address, the Secretary of State also highlighted the following bilateral trade volume: – The total trade volume between Cambodia and the United Kingdom will be approximately 977 million US dollars in 2022, an increase of 23.98% compared to And in 2021, which is just over 788 million dollars. In 2022, Cambodia exported about 886 million US dollars and imported about 91 million US dollars. For the first two months of 2023, the total bilateral trade volume was about 121 million US dollars. Cambodia’s garments include textiles, footwear and bicycles, while imports from the United Kingdom include products such as automobiles, animal feed, beverages and more.

More: https://www.gov.uk/government/publications/developing-countries-trading-scheme-dcts-new-policy-report/developing-countries-trading-scheme-government-policy-response

https://www.gov.uk/government/publications/developing-countries-trading-scheme-dcts-new-policy-report