Cambodia ready to exit LDC status
Cambodia is well-prepared to minimise economic risks when it graduates from its Least Developed Countries status, according to a senior official at the Ministry of Commerce on May 7.
Four LDCs – Cambodia, Laos, Bangladesh and Nepal – met at a virtual workshop last week to explore potential solutions for managing a smooth exit from their UN designations, discuss potential challenges in the post-LDC era, and assess the impact of Covid-19 on the textile and garment sectors.
Ministry secretary of state Pich Rithy participated as a speaker at the event, which was co-organised by the World Trade Organisation, UN, UN Department of Economic and Social Affairs, UN Conference on Trade and Development, and International Trade Centre.
Rithy stressed the importance of the garment sector in promoting Cambodia’s economic growth, and the benefits of preferential tariffs for increased export volumes.