The Ministry of Commerce (MoC) of Cambodia, in a collaborative effort with the European Union (EU) and the German Federal Government’s agency GIZ, has made notable strides in fostering trade development that aligns with Cambodia’s ambition to enhance its economic presence both regionally and internationally.
On Friday, Cham Nimul, the Minister of Commerce, oversaw the conclusion of the ‘ARISE Plus Cambodia’ project and inaugurated the ‘European Union Global Access and Trade Expertise’ (EU-GATE) program. The event, held at the Sun & Moon, Riverside Hotel, saw participation from MoC officials, along with various partners and stakeholders.
During her address, Minister Nimul highlighted the pivotal contributions of the EU and GIZ towards promoting environmentally sustainable trade practices. She underscored the significance of Cambodia’s commitment to economic integration as a catalyst for national economic growth and broader socio-economic advancements.
Nimul outlined the Royal Government of Cambodia’s (RGC) dedication under the Pentagonal Strategy – Phase One, to elevate Cambodia to an upper middle-income status by 2030 and set the course for achieving high-income country status by 2050, aligning with United Nations’ objectives.
She further discussed the nation’s strategies to bolster its engagement in regional and global trade networks. These include enhancing supply chain capabilities, effectively leveraging existing Free Trade Agreements (FTAs), and preparing for the transition out of the Least Developed Countries (LDC) category.
The Minister called upon all key stakeholders to actively contribute to the initial phases of the EU-GATE initiative, emphasizing the need for practical inputs to ensure the project’s success. She articulated that such collaborative efforts are crucial for improving the trade ecosystem, fostering sustainable economic practices, and equipping Cambodia to navigate post-LDC graduation challenges and opportunities effectively.
