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Garment Manufacturers Association of Cambodia (GMAC) president Van Sou Ieng and secretary general Ken Loo met members of the European Parliament’s Committee of International Trade (INTA) in Brussels last week to discuss and lobby for retaining Cambodia’s ‘Everything But Arms’ (EBA) benefit. Sou Ieng said he met 27 INTA members, including its chairman.
Cambodia has seen remarkable improvements in labour standards in the garment and footwear industry, according to a recent International Labour Organisation (ILO) report.
Cambodia’s potential loss of its Everything But Arms (EBA) preferential trade access to the European Union (EU) would weaken its economic growth and lead to a credit negative, Moody's Investors Services has cautioned. With a B2/stable sovereign rating, it would undermine the price competitiveness of its garment exports unless they are offset by productivity gains.