Cambodia & UK sign MoU to strengthen trade relations

29 May '23

2 min read

(L) British Ambassador to Cambodia Dominic Williams & Minister of Commerce Pan Sorasak signed the MoU. Pic: @ukincambodia/Twitter

Insights

Cambodia's ministry of commerce and the UK's ministry of business and trade have established a Joint Trade and Investment Forum (JTIF) to strengthen trade and investment ties.
An MoU was signed by minister Pan Sorasak and British ambassador Dominic Williams in this regard.
It aims to promote exports to the UK and increase British investment in Cambodia.

In a bid to bolster trade cooperation, the ministry of commerce of Cambodia and the UK's ministry of business and trade have formalised a Joint Trade and Investment Forum (JTIF) through a memorandum of understanding (MoU). The newly established forum, backed by the MoU, aims to fortify the trade and investment ties between the UK and Cambodia, offering a platform to shape and advance these relationships.

The signing ceremony took place on May 26 at the ministry and was presided over by the Cambodian minister of commerce, Pan Sorasak, and the British ambassador to Cambodia, Dominic Williams. The inaugural gathering of the JTIF saw the participation of leaders from both nations, policymakers, and stakeholders, deliberating on critical trade aspects. These discussions revolved around the Developing Countries Trading Scheme, Cambodia's New Law on Investment, and the UK's focus on green and resilient economic growth, according to Cambodian media reports.

Minister Sorasak hailed the JTIF as a positive step towards strengthening the trade cooperation between the two nations, with the ambition to enhance the investment and business landscape and advocate for economic diversification.

The MoU aims to promote the export of products from Cambodia to UK and the influx of investment from UK into the country.

ALCHEMPro News Desk (KD)

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