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Cambodia Advances Towards Global Economic Integration

Phnom Penh, March 18, 2024 - Cambodia has reinforced its commitment to further integrating into regional and global economies, a move that has substantially spurred its economic growth and overall socio-economic development.

This commitment was underscored by the Cambodian Minister of Commerce, Mrs. Cham Nimul, during the closing of ARISE Plus Cambodia and the inauguration of the "EU Global Access and Trade Expertise (GATE)" initiative. The event, held in Phnom Penh, witnessed participation from officials of the Ministry of Commerce, along with various partners and stakeholders.

The Minister of Commerce expressed gratitude towards the European Union and the German Federal Government (GIZ) for their pivotal contribution to Cambodia's ambitious trade development agenda. She highlighted the nation's strategic pursuit towards becoming an upper-middle-income country by 2030 and achieving the Cambodia Vision 2050. These goals are in alignment with the global 2030 Agenda for Sustainable Development, reflecting Cambodia’s broader aspirations on the world stage.

During the launch of the EU GATE Project, Minister Nimul delved into Cambodia's strategic efforts to boost its presence in regional and global trade arenas. She emphasized the significance of enhancing supply-side capacity and trade-related infrastructure, fully leveraging Free Trade Agreements, and preparing for Cambodia's graduation from Least Developed Country (LDC) status.

In her concluding remarks, Minister Nimul called upon all partners and stakeholders to actively participate in the early phases of the EU GATE Project. She encouraged open discussions on the specific support needed to foster a strong and sustainable trade environment in Cambodia. This collaboration is key to navigating the post-LDC challenges and seizing opportunities as Cambodia progresses towards its vision for 2050.

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