The suspension would affect 20 percent of exports to the EU, amounting to $1.1 billion annually, the Commission said.
Ken Loo, a director at GMAC, said on Monday that 60 percent of materials used in garment production were imported from China. Cambodia is heavily reliant on raw material imports given the lack of locally produced raw material or garment ancillary factories.
Encouraged by Cambodia’s close relationship with China and its economic potential, an army of Chinese developers, business owners, entrepreneurs, construction workers and real estate speculators are placing their bets on Cambodia.
The facility was pegged to process 20,000 tons of sugarcane and produce 2,000 tons of refined sugar, though the firm never released figures for its output.
Chinese stock markets crashed Monday morning, falling more than 8 percent, the first time the Shanghai stock exchange has seen such a drop in five years.
The letter, sent to Hun Sen on Wednesday, represents major apparel and footwear companies, including Adidas, Levis Strauss, New Balance, Puma, Ralph Lauren, Under Armour, VF Corporation and American Apparel & Footwear Association
China's close alliance with Cambodia has been forged, in large part, with billions of dollars in aid and investment tied to Beijing’s Belt and Road Initiative, which provides developmental assistance around the world to strengthen trade ties and political influence.
Hun Sen disputed “western” justifications to restore what he claimed to be a functioning democracy.
Last month, Interior Minister Sar Kheng seemed almost hopeless at the ministry’s efforts to curb road accidents and deaths, making a call for any stakeholders to provide new solutions for the issue.
As exports to the EU have fallen, farmers said that rice dealers were using the tariffs as an excuse to lower rice prices in the market, leading to losses for farmers.
The IMF forecast showed that a complete suspension of the ‘Everything But Arms’ trade preferences would see Cambodia’s GDP growth rate drop by 3 percentage points.
A Ministry of Economy and Finance report pointed to a potential slowdown in the Cambodian economy next year, dropping from an estimated 7 percent in 2019 to 6.5 percent in 2020.
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