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Cambodia and Thailand Aim for $15 Billion Trade Goal by 2025

by Surya Narayan
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In an upcoming meeting in Bangkok, the Prime Ministers of Cambodia and Thailand will explore avenues to enhance bilateral trade, streamline border goods transportation, and dismantle existing trade barriers. Despite a 17 percent decline in trade turnover to $3.71 billion in 2023 from $4.47 billion in 2022, Thailand remains Cambodia’s second-largest trading partner within ASEAN, as reported by the General Department of Customs and Excise.

Cambodian Prime Minister Hun Manet, responding to an invitation from Thai Prime Minister Srettha Thavisin, is set to embark on an official visit to Thailand. The agenda includes discussions on bilateral and multilateral cooperation, with the Ministry of Foreign Affairs and International Cooperation highlighting the significance of this visit in reinforcing the longstanding relationship and cooperation between the two nations.

Key features of the visit will be the signing of several bilateral agreements and Prime Minister Hun Manet’s participation in the Cambodia-Thailand Business Forum in Bangkok, where he is slated to give the opening address.

This diplomatic engagement is anticipated to solidify the strong bonds of friendship and partnership between Cambodia and Thailand, aiming towards shared benefits, peace, stability, and prosperity, extending beyond their borders to the wider ASEAN community.

Previous discussions in Phnom Penh set the stage for increased trade and improvements in border infrastructure and rail connectivity for cargo transport. Cambodia’s export portfolio to Thailand includes textiles, agricultural produce, gems, and semi-finished goods, while imports from Thailand encompass a variety of goods ranging from food items to construction materials.

Since 2015, bilateral trade has seen significant growth from a base of $1.83 billion, reflecting the dynamic economic interaction between the neighboring countries. The Cambodian Ministry of Commerce has expressed its readiness to encourage more Thai private sector investment and to foster greater commercial synergy, enhancing investment and trade opportunities. Minister Cham Nimul extended a warm invitation to Thai businesses and investors to explore and expand their ventures in Cambodia, highlighting the potential for lucrative investment opportunities and partnerships with local investors.

Source: Khmer Times

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