Cambodia and Hong Kong, China will expand bilateral trade relations, experts: more opportunities for cooperation are coming​

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[INNEWS Comprehensive Report] Recently, Reach Ra, Secretary of State of the Ministry of Commerce of Cambodia, had exchanges with a business delegation from Hong Kong, China at the “Cambodia-Hong Kong Exhibition” held at the Phnom Penh Factory. More than 40 Cambodian and Chinese investors and traders participated in the event.

Reach Ra extended a warm welcome to the business delegation from Hong Kong, China, and said that it will facilitate various procedures required to hold trade fair activities in Cambodia to increase bilateral trade volume.

Reach Ra emphasized that the vision of the two governments under the framework of the Silk Road Economic Belt and the 21st Century Maritime Silk Road is to work together to promote the construction of a community with a shared future between Cambodia and China, and is committed to promoting the bilateral trade volume of more than 12 billion US dollars in 2023. He also asked the management of Major Global Marketing Co., Ltd to encourage and promote large enterprises in Hong Kong to bring products and services to the exhibition, and to conduct more business meetings with Cambodian businessmen to exchange trade and investment.

Hong Vannak, an economist at the Institute of International Relations at the Royal Academy of Cambodia, said the improvement in diplomatic relations and the entry into force of the Cambodia-China bilateral free trade agreement have helped steady growth in trade between the two countries, especially Cambodia’s exports to China. Increased exports to China (including Hong Kong) are the main cause of the trade deficit, with Cambodia falling short of China.

He believes that on the basis of good relations between the two governments and the private sector, the import and export of goods between the two countries will further increase, especially the export of Cambodia. If Chinese authorities allow Cambodia to formally import more agricultural products from Cambodia, the trade deficit between the two countries will narrow further.

According to the report of the General Administration of Customs of Cambodia, in the first seven months of 2023, the bilateral trade volume between the two countries totaled US$7,093.59 million, compared with US$6,971.47 million in the same period in 2022, a year-on-year increase of 1.8%. Among them, Cambodia exported US$814.74 million to China, an increase of 16.2%; China imported US$62.7885 million to Cambodia, an increase of 0.1%.