News Flash

EU-backed project to boost Cambodia's trade integration

19 May '23

2 min read

Pic: Shutterstock

Insights

The European Union (EU) has pledged to provide technical support to a new initiative called 'ARISE Plus Cambodia,' aimed at fostering sustainable trade and bolstering the private sector.
The project aims to assist Cambodian businesses in meeting international standards for exporting to the EU and regional markets, while also aiding in the implementation of CTIS.

The European Union (EU) will offer technical assistance to a project that will follow the ‘ARISE Plus Cambodia’ initiative, promote sustainable trade and strengthen the private sector in the country. The project will help Cambodian businesses meet global standards for exports to the EU and regional markets.

The three main components of the ARISE Plus Cambodia project are trade policy, trade facilitation and increasing the capacity of the private sector.

EU representatives recently met secretary of state at the Cambodian ministry of commerce Sok Sopheak to discuss the new project. EU representatives from Cambodia and Thailand and Cambodian ministry officials attended the meeting.

The ‘ARISE Plus Cambodia’ project is funded by the EU and the German government.

“The new EU-supported project will continue the activities and results achieved under the ARISE Plus Cambodia project, and will also participate in the implementation of the Cambodia Trade Integration Strategy (CITS 2019-2023). This will contribute to strengthening the competitiveness of Cambodia’s trade sector, both in terms of the policy framework and private sector capacity,” Sopheak was quoted as saying by Cambodian media reports.

The new project will support Cambodia in fulfilling its obligations and commitments under the World Trade Organisation WTO and the Association of Southeast Asian Nations (ASEAN).

The top official also thanked the EU for consulting with relevant agencies and drafting the content of the project to be implemented in 2024. He expressed his hope that the project would be a success and would contribute to the development of Cambodia’s trade sector.

ARISE Plus Cambodia is the national Cambodian component of the ARISE Plus Regional Programme that aims to support greater connectivity and economic integration between Cambodia and the rest of ASEAN through implementing the ASEAN Economic Community Blueprint 2025 and strengthening institutional capacity.

It supported the government with technical expertise to improve the environment for international trade and ASEAN integration. The project is commissioned from January 2019 till June 2023, with a budget of €9.35 million.

The project also backed the integration of small and medium enterprises in the country into regional and global value chains.

Fibre2Fashion News Desk (DS)

More European Union News... More Textiles News - Cambodia...