PM Hun Manet Highlights Importance of Opening Trade and Importing Goods for Cambodia’s Economic Growth (Video inside)

Created: 14 October 2024

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Phnom Penh (FN), Oct. 14 – Cambodian Prime Minister Hun Manet said that Cambodia’s market is small, making it essential to open up trade with international market and facilitate the export and import of goods. He added that Cambodia cannot simply ban imports.

The premier spoke on Monday (Oct. 14) during the 20th anniversary celebration of Cambodia’s accession to the World Trade Organization (WTO) at Sokha Phnom Penh Hotel.

“We are integrating to strengthen ourselves. Of course, closing the market might seem easy, but it’s not a sustainable option. First, our domestic market is small. Now, if business leaders like Lok Oknha, Lok Neak Oknha, and Oknha Mong Rithy do not engage in foreign trade, how can we export 10 to 12 million tons of rice annually? We have a surplus—without external markets, we will not have the capacity to expand production. Without market access, we would only produce rice for domestic consumption. Thanks to open markets, we can export our products,” the premier underscored.

At the same time, Samdech Thipadei stated that to open the market, Cambodia must engage in international trade, allowing for both exports and imports, and be willing to compete globally. Cambodia cannot afford to isolate itself by restricting imports.

On the occasion, the premier added that in any competitive market, there must be openness. Since Cambodia became a member of the WTO, it cannot impose unilateral trade restrictions for self-protection. Restricting imports would violate the terms of membership, and other countries would reciprocate by rejecting Cambodia’s goods. Therefore, trade must remain open on both sides, with the flexibility to adapt to various conditions.

Samdech Thipadei further explained that the goal of opening the market is not just to capture larger market opportunities but to elevate Cambodian production standards to meet the requirements of developed countries that demand high-quality products. He noted that both the government and the private sector must improve by adopting advanced technology and meeting global standards to strengthen Cambodia’s competitiveness.
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