Cambodia has experienced impressive growth in its exports to the European Union (EU), achieving a remarkable 16.27% increase to $2.9 billion during the first eight months of 2024. This positive trend is largely attributed to the Everything but Arms (EBA) trade preference scheme, which has played a crucial role in enhancing trade ties between Cambodia and the EU.
In addition to the export growth, two-way trade between Cambodia and the EU has risen by 9.62%, reaching a total of $3.5 billion. The EU continues to be a vital market for Cambodian milled rice, accounting for 50% of the nation's total rice exports. This robust demand underscores Cambodia's competitive position in the agricultural sector and highlights the importance of maintaining high standards for environmental health and safety.
Recently, Cambodia hosted its first public-private sector dialogue with European partners, focusing on sustainable development and the safeguarding of European investments in the country. The EU is dedicated to reinforcing its partnership with Cambodia, working collaboratively to support green and digital transitions while assisting the country on its journey toward graduating from least developed country status.
These initiatives and the strengthened trade relations signal a promising outlook for Cambodia's economy, fostering growth and sustainability as the nation continues to expand its presence in the global market.
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