Washington, D.C. – Cambodian Minister of Commerce H.E. PAN Sorasak met with Assistant U.S. Trade Representative Ms. Barbara Weisel today in the United States of America to discuss the strategic actions under the new administration to broaden and deepen bilateral trade and investment ties between the two countries. This is a second visit to the Washington, D.C. by a Cambodia Delegation, consisting of representatives from eight lines ministries, after the signing of the US-Cambodia Trade and Investment Framework Agreement (TIFA) in which a number of meetings took place including bilateral meetings under new administration as well as meetings U.S. private sector. Under the TIFA dialogue on August 8, 2017, Minister of Commerce of Cambodia, H.E. PAN Sorasak and Ms. Barbara Weisel discussed Cambodia-US recent Trade Policy 2017, Sanitary and Phyto-Sanitary, intellectual property rights, electronic payment services, labor, information technology agreement and trade facilitation under the WTO, GSP, and technical assistance.
At the outset, Ms. Barbara Weisel remarked that “for the 4th TIFA Council Meeting today, we’ve come into the meeting with a very clear plan on the progress that we want to make. So, I want to go for the meeting that our relation will spur the development of concrete plan for a real outcome that is the spirit will come from our discussion today.”
The two delegations reviewed Cambodia’s current efforts to improve trade facilitation, labor, protection of intellectual property rights and enhance the attractiveness and competitiveness of two-ways trade and investment climate. Discussions focused on evaluation of the progress made by Cambodia in meeting the benchmarks for implementation of concrete plan as well as highlighting areas where additional work remains to be done. The two countries agreed upon to set a plan of action for following-up under the TIFA over the coming years, which will establish ad-hoc working group to keep momentum rolling for all trade-related issues.
“Cambodia is working hard to put the development of trade and investment laws in place to support an open and welcoming to work in close collaboration with the U.S. government. Because the United State is a key player trading partner with Cambodia” said Minister PAN Sorasak.
As result, the U.S. will provide technical assistance (TA) related to foot safety, and consumer protection to Cambodia in order to build up of the trust of consumers. The U.S. is going to conclude assessment on Sanitary and Phyto-Sanitary in Cambodia to open the opportunity for Cambodian agricultural products to be able to export to the U.S. market. The US is also provided TA related to IPR, Trade Facilitation as well as e-commerce implementation.
Total volume of two-way trade in goods between Cambodia and the United States accounts for $1.54 billion U.S. dollars in the first six months of 2017, increased 14% in 2016 during the same period. In 2016, trade volume was $3.2 billion U.S. dollars, decreased by 7.32% in 2015.
U.S. foreign direct investment in Cambodia is approximately US$14,557,672 in 2014 according to Council of the Development of Cambodia. The United States is Cambodia’s second largest market for exporting garments, shoes, textiles, rice, furniture, plastics, toys, rubber, cereals, ceramic product, wood and wood article, live animal, animal feed preparations, etc. Primary U.S. exports to Cambodia such as - vehicles, machinery, medical and electrical apparatus, textile articles, paper, edible fruit, cereals, etc. The U.S. - Cambodia Trade and Investment Framework Agreement, signed in July 14, 2006, is the primary bilateral dialogue between the two governments to discuss implementation of these commitments and other trade and investment related issues.