American Chamber of Commerce (AmCham) in Cambodia president Casey Barnett addresses a trade and tax workshop on August 28 in Phnom Penh. AmCham
The American Chamber of Commerce (AmCham) in Cambodia urged the establishment of a dialogue forum between the Cambodian Customs Administration (CCA) and US investors to ensure compliance with customs procedures and provide international trade facilitation between the two nations.
The call was made by AmCham president Casey Barnett at a workshop on “Cambodia Vision 2024-2028 and Customs and Excise Tax Update in Cambodia” held by AmCham on August 28 in Phnom Penh.
The workshop aimed to disseminate customs laws, regulations and procedures, particularly the strategic direction of the CCA, including promoting the country’s streamlined trade options to AmCham members in Cambodia.
The event hosted about 100 participants representing AmCham member companies in Cambodia and businesses engaged in import-export activities and the transportation sector.
“Barnett stressed the need to establish a dialogue forum between the CCA and US businesses and investors to ensure customs procedures compliance, contribute to revenue collection by the General Department of Customs and Excise of Cambodia [GDCE], provide international trade facilitation between Cambodia and the US and attract more American investors, as the US is the main export market for Cambodian products,” the GDCE’s August 28 press release said.
Minister Attached to the Prime Minister and GDCE director-general Kun Nhem stressed the importance of the private sector's understanding of customs-related laws and regulations, emphasising that it was a necessary contribution to improving the business environment through voluntary private sector compliance.
He encouraged AmCham members to familiarise themselves with the simplified customs procedures aimed at facilitating trade, particularly those aligned with the package of measures introduced by Prime Minister Hun Manet at the 19th Government-Private Sector Forum in November 2023.
Nhem urged them to take advantage of the incentive packages available to businesses with high compliance, stressing the importance of fulfilling the obligations outlined in current laws and regulations.
He also encouraged AmCham to join the customs-private sector partnership mechanism that the GDCE has successfully implemented with business associations such as the Cambodia Chamber of Commerce (CCC), the Japanese Business Association of Cambodia (JBAC) and the European Chamber of Commerce (EuroCham) to address irregularities and respond to requests for further improvement of the country’s business and investment environment.
In the first seven months of 2024, trade volume between Cambodia and the US exceeded $5.6 billion, an increase of 6.5 per cent. Of this, exports totalled more than $5.5 billion, up 6.4 per cent, while imports from the US surpassed $154 million, up 8.9 per cent compared to the same period in 2023, according to the GDCE.
