The agreement, which he hoped would enter into force early next year, would ”create stronger economic partnerships by increasing market access, liberalization of goods, services and investment,” he said. NOTE: There is no trade data on services provided with Cambodia. In his words, the agreement could be a boost for Cambodia, which last year suspended some of its particular trade preferences with the European Union, a key market for its exports, because of human rights. No details were given on the agreement and it was not immediately clear how it would work with the existing trade agreements between China and the Association of Southeast Asian Nations (ASEAN), of which Cambodia is a member. The agreement, for which talks began at the end of last year, covers sectors such as trade, tourism and agriculture, where both countries will reduce tariffs on their products. ”The signing of the agreement means even closer relations between the two countries and marks another important historical milestone for Cambodia-China relations,” Cambodian Trade Minister Pan Sorasak said at the ceremony. (This story corrects the imputation in the third paragraph to show that Wang Yi is the government`s chief diplomat. This included reintroducing tariffs on certain clothing and footwear, which are essential for the employment and economy of the manufacturing industry. Cambodia, one of Asia`s poorest countries, has been an important ally of China in recent years and has been de facto accused of giving it a veto in ASEAN`s consensual decision-making process in exchange for economic support. Our Standards: Thomson Reuters Trust Principles.
In 2018, foreign direct investment (FDI) in Cambodia (stocks) was $187 million (the most recent data available). There is no information on the distribution of U.S. direct investment in Cambodia. Under the GSP program, certain products from 120 developing countries and recipient territories can enter the United States duty-free. In 2016, the total value of GSP imports to the United States was $18.9 billion. For more information on the GSP program, see the GSP page on the USTR website. To qualify for GSP benefits, a recipient country must meet the eligibility criteria set by Congress, including, but not limited to,: enforcing arbitration awards; a beneficiary cannot have property that is nationalized, expropriated or otherwise seized from U.S. citizens or businesses without obtaining effective compensation or taking action; Take steps to enable the rights of internationally recognized workers; Implement commitments to eliminate the worst forms of child labour; and the extent to which a country provides adequate and effective protection of intellectual property rights.