Geneva: A Cambodian senior official has highlighted the trade benefits that Cambodia has gained through the World Trade Organisation (WTO), which have substantially contributed to the country’s economic growth like capacity building and technical assistance, preferential trading schemes, and expanded export destinations to over 170 countries to date.
According to Agence Kampuchea Presse, H.E. SOK Sopheak, the Ministry of Commerce’s Secretary of State, shared insights about the Role of Trade on Cambodia’s Development Journey at the 100th Session of the Sub-Committee on Least Developed Countries (LDCs) to review progress, identify challenges, and mobilise solutions to address the challenges faced by LDCs in Geneva, Switzerland, early this week.
These factors, he continued, have transformed Cambodia from an agriculture-dependent economy into a sourcing hub for industrial goods such as garments, footwear, travel goods, bicycles, electronics, vehicle spare parts, rice, rubber, and other services for global marke
ts.
Furthermore, through various projects within the Enhanced Integrated Framework (EIF), Cambodia has experienced strengthened trade policy formulation, enhanced productivity and capacity, increased competitiveness, skills and institutional improvement, improved trade resilience, and greater job creation, which are essential for the country’s deeper integration into regional and multilateral trading systems.
H.E. SOK Sopheak further highlighted the trade-related challenges that Cambodia will face after graduating from the LDC status in 2029 and the country’s readiness for this transition through continued reforms, policy and regulatory arrangements-specifically targeting industry, trade, and market diversification-and other initiatives that effectively respond to and mitigate any potential negative challenges.
He also expressed appreciation to WTO members and other development partners for their unwavering support for Cambodia and called for further cooperation and assistance to Cambodia and other LDCs to
enable their deeper and more comprehensive engagement in the multilateral trading system.