Govt boosts economic integration globally through EU-Gate

Govt boosts economic integration globally through EU-Gate

The Ministry of Commerce (MoC) in collaboration with the European Union (EU) and the German Federal Government (GIZ) has contributed significantly towards progressive trade development, allowing the Kingdom’s economy to integrate into the region and the world.

Cham Nimul, Minister of Commerce, on Friday presided over the closing ceremony of the ‘ARISE Plus Cambodia’ and the launch of ‘European Union Global Access and Trade Expertise’ (EU-GATE) which was attended by representatives from MoC, relevant partners and stakeholders held at Sun & Moon, Riverside Hotel.

Addressing the ceremony, Nimul noted the important role of the EU and the German government via GIZ in contributing toward the continuation of the progress toward friendly environmental trade development where she emphasised that the implementation of the Kingdom’s obligation to economic integration into the region and the world will promote economic growth as well as enhance socio-economic development across the nation.

She continued that under the Pentagonal Strategy – Phase One, the Royal Government of Cambodia’s (RGC) main mission is to transform the Kingdom into an upper middle-income country by 2030 and move towards achieving the vision of becoming a high-income country by 2050 in line with the agenda set out by the United Nations (UN).

The Minister also shared several views and efforts to promote the Kingdom’s participation in regional and global trade integration including the supply chain capacity and infrastructure to support the trade sector, the ability to implement and maximize the existing and effective free trade agreements (FTAs), and lastly is the country’s readiness to leave the Lease Developed Countries (LDC graduation).

Lastly, she encouraged all key partners and stakeholders to participate deeply in the early stages of the EU-GATE project aimed at providing input such as a practical requirement for the successful implementation of this project.

The Minister stressed that the cooperation will pave the way for enhancing the trade environment and its sustainability in the nation, ensuring the readiness of the country to address challenges and opportunities after LCD graduation.


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