Cambodia's Exports Reach 177 Countries, Boosting Economic Diversification and Global Market Integration

The Cambodian government has reviewed and decided on the progress report for strengthening domestic and international market supply chains, announcing an expansion of its export markets to 177 countries. This initiative aligns with the 'Pentagonal Strategy' Phase 1 of the 7th legislature of the National Assembly, following the high recommendations of Prime Minister Hun Manet to continue the approach of 'strengthening old markets and expanding new markets' to ensure Cambodian products secure appropriate markets both domestically and internationally. The nation aims for deeper integration into regional and global economies by promoting exports through favorable tariffs via bilateral, regional, and multilateral free trade agreement (FTA) negotiations. The Ministry of Commerce is actively implementing its mission by continuously reforming and improving institutional governance, simplifying and digitizing public services, promoting and diversifying export markets, enhancing the business environment and private sector governance based on principles of equality, transparency, and integrity, developing the private sector and markets, increasing competitiveness, promoting digital and electronic commerce, and integrating trade into regional and global frameworks in line with market demands. During the 7th legislature, Cambodia's exports to the global market have shown steady growth, reaching $34.96 billion as of August 2023, an 18.04% increase year-on-year. This achievement was made despite complex global and regional circumstances, including geopolitical tensions, regional conflicts, shifts in the global economic order, energy crises, supply chain disruptions, and climate change. Cambodia is strengthening its connection to international markets through trade facilitation systems and trade agreements, diversifying its export-import markets by reinforcing existing ones and expanding into new ones, with exports now reaching 177 countries. Furthermore, procedures are underway to ratify the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific, in line with Priority 5, Angle 3 of the 2nd Pentagon. These exports are contributing to increased added value for agricultural products and the expansion of domestic supporting industries, serving as a crucial catalyst for reducing the trade balance gap and promoting sustainable economic growth. Concurrently, the Cambodian government is continuing to promote market diversification, enhance domestic processing capacity, and strengthen the national agro-food value chain. The Ministry of Commerce is actively campaigning for 'Made In Cambodia' products to further penetrate high-end markets and world-class supermarkets.