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Cambodia-US trade volume continues to grow during COVID-19 pandemic

Thong Sotha​​   On October 1, 2021 - 11:38 am​   In Economics  

Pan Sorasak, Minister of Commerc, and W. Patrick Murphy, Ambassador of the United States of America to Cambodia, met yesterday to discuss bilateral work to promote trade cooperation and investments.

He highlighted the growth of bilateral trade in the wake of the Covid-19 crisis, which is affecting the trade and lifestyle of all countries in the world.

Trade volume between the two countries continued to increase last year, with the United States being Cambodia’s largest market. As of the last seven months, Cambodia-US trade volume has reached more than $4 billion, an increase of 37% compared to the same period in 2020.

He also reiterated the Agreement on Trade Relations and the Protection of Intellectual Property, which the two countries signed in 1996, which has boosted the intellectual property sector.

The Minister stated that Cambodia has been making efforts to cooperate with the World Intellectual Property Organization (WIPO) in studying to become a member of international treaties related to many other important intellectual property rights and to promote the intellectual property sector in Cambodia more effectively. Improved to give investors confidence.

The Minister of Commerce also welcomed the launch of the Ford Assembly Plant in Pursat, which could provide opportunities for Cambodians and technology transfer.

The Minister also welcomed the opening of the US Department of Agriculture (USDA) office in Cambodia, which could increase agricultural productivity in Cambodia and thus increase agricultural trade cooperation between the two countries.

At the same time, the Minister and the Ambassador also discussed the priority work in preparation for the 2022 ASEAN Chairmanship and reaffirmed the continuation of closer cooperation.

The Ambassador pledged to support Cambodia in the fight against Covid-19 and expressed support for Cambodia in its role as chair of ASEAN in 2022. Khmer Times