Bilateral trade between Cambodia and the European Union (EU) was valued at 4.5 billion euros ($4.98 billion) in 2021, up 4.6 percent from a year earlier, said a joint press release on Thursday.

Main products Cambodia exported to EU are agricultural products, including milled rice, textiles, footwear, travel goods and bicycles, while key items the kingdom imported from EU include construction materials, food and beverage, electronics and pharmaceutical products, among others.

The joint press release was issued at the end of the 11th Cambodia-EU Joint Committee Meeting, which was held here in a hybrid format and co-chaired by Cambodian foreign ministry’s secretary of state Luy David and Paola Pampaloni, deputy managing director for Asia and Pacific of the European External Action Service.

The meeting discussed economic recovery measures, bilateral trade and investment relations, technical cooperation, market access issues, and the ongoing efforts to further improve the business environment, including the new Law of Investments, and diversify Cambodia’s economy, it said.

“The two sides also committed to further strengthen cooperation to ensure that Cambodia’s investment climate remains open, well facilitated, competitive, and conducive to sustainable socio-economic development,” the release said.

“The meeting also exchanged view on regional and global trade development including updates on economic integration in ASEAN (the Association of Southeast Asian Nations) and across the wider Asia-Pacific region, EU-ASEAN regional trade relations and the updates on WTO reforms, among others,” it added.

The next meeting will be held in 2023 in Brussels, the release said.

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Author: Xinhua

Source: Khmer Times

Publication date: 11 March 2022