Cambodia benefits from ASEAN-EU trade ties, but looks to long term

Taken together, the European Union and ASEAN make up a market of more than 1 billion people and trade between the two blocs has been brisk—more than US$233 billion in 2011. The EU is ASEAN’s second largest export partner after China. In term of investment, EU companies invested around US$12 million annually on average between 2000 and 2009.

While those numbers are already impressive, the relationship promises to become even more important and growth appears to be in the cards.

“ASEAN as a motor for Asia’s economic development is set to have a major slice of that growth,” said Karel De Gucht, the EU trade Commissioner, who was in Phnom Penh for the ASEANEU Business Summit.
While ASEAN and the EU continue to cozy up to one another, Cambodia is already well positioned to benefit from its relationship with Europe.

“I think only Cambodia has more opportunities [for trade] than other countries in ASEAN region,” said Cambodian Commerce Minister Cham Prasidh.

To be continued...

Source: Economics Today, Issue 115
Link: http://www.etmcambodia.com/blog.php?article=354