The deal was signed virtually in a special online meeting Sunday on the sidelines of the summit of the 10-nation Association of Southeast Asian Nations.
“I believe history repeats itself in the case of the E.U.’s withdrawal of the E.B.A. at a time when Cambodia struggles to survive amid the COVID-19 pandemic,” read a copy of the speech.
Prime Minister Hun Sen allocates $1.2 billion to compensate for losses under ‘Everything But Arms’ preferences.
In September, the ADB had revised its April estimate of a 5.5 percent contraction in the economy, severely hit by the COVID-19 pandemic, to a slightly better four percent contraction.
Loss of EU trade preferences and a pandemic punish Cambodia’s garment industry.
U.S. Secretary of State Mike Pompeo said there were “credible reports” that Dara Sakor “could be used to host (Chinese) military assets.”
The country's fruits and vegetables can meet only 70% of local demand, and the rest must be imported, especially from Thailand and Vietnam, according to agriculture statistics compiled by the U.S. Embassy in Cambodia.
EU Trade Commissioner Phil Hogan said Brussels could reverse course if Cambodia improves its human rights and political situation, including the political rehabilitation of banned opposition politicians and revocation of amendments to the much-criticized political party and NGO laws.
The six brands, H&M, Adidas, Puma and Gap, Nike, and Specialized, said they have committed to environmental commitments and that continued investment in coal energy could negatively impact Cambodia’s prospects of attracting future investment.
The shift to fish farming comes amid the novel coronavirus-induced global economic slowdown, which has hit the Cambodian tourism, manufacturing, and construction sectors.
According to the Agriculture Ministry and Chinese Embassy statistics, there are 21 banana packaging plants in Cambodia, servicing roughly 8,000 hectares of plantations.
Hun Sen is expected to visit Beijing on August 12 to sign the new agreement, which is Cambodia’s first FTA with a foreign country.
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