A meeting discussing the cooperation between the Cambodia Chamber of Commerce (CCC) and CAPRED on August 09. CCC
Australia plans to open a trade representative office in Cambodia to boost bilateral trade and investment flow between the countries.
Cambodia Chamber of Commerce’s vice president Lim Heng met with Paul Keogh, country director of Cambodia Australia Partnership for Resilient Economic Development (CAPRED), and Ayden O’Neill, second secretary of the Australian Embassy in Cambodia on August 9.
The parties discussed private sector activities in relation to the government-private sector forum mechanism, with Cambodia Chamber of Commerce as the coordinating representative of the Private Sector Working Group and its secretariat.
They also agreed to review and improve the mechanism as well as facilitate Australian investment activities in Cambodia.
Speaking to The Post on August 10, Lim Heng said the meeting is important as it enhances the cooperation between both countries’ private sector and to speed up activities going forward as Australia and Cambodia are members of the Regional Comprehensive Economic Partnership Agreement (RCEP).
He stated that Australia hopes to set up a trade representative office in the Kingdom in the future, following the Cambodia Chamber of Commerce’s opening of two offices, in Melbourne and Sydney, in May.
“The meeting has helped accelerate plans by the Australian private sector to open its trade representative office in Cambodia.
“The Office of Commerce will bring trade activities between the two countries to another level,” Heng said.
Products Cambodia exports to Australia include textiles, bicycles and agriculture, while Cambodia’s imports include electronics, pharmaceuticals and vehicles.
Hong Vanak, an economics researcher at the Royal Academy of Cambodia (RAC), said while trade volume with Australia is not as large as China, the US, Vietnam or Thailand, it is considered a large recipient of Cambodian goods.
In addition to orders from Cambodia, there are also a number of Australian investors investing in Cambodia.
He said that as a member of the RCEP, bilateral trade would definitely increase as the global economic situation improves.
“Geographical location and RCEP would help increase future exports and imports between the two countries. At present, Cambodia has a wide range of export products of international standard,” he said.
CAPRED is a major Australian economic development program that supports Cambodia in free trade agreements while preparing it to graduate from least developed country status, promoting inclusive trade and investment policies and practices, and building systems to increase trade and investment.
In the first seven months of 2023, the General Department of Customs and Excise of Cambodia said trade between Cambodia and Australia dropped 7.7 per cent year-on-year to $295.5 million.
Exports to Australia amounted to $201.6 million, down 9.4 per cent, while imports declined 3.9 per cent to $93.9 million.
Australia is Cambodia’s 18th largest trading partner, led by China, the US, Vietnam, Thailand, Japan, Singapore, Indonesia, Germany and Canada.
