It has been yet another impressive year for Cambodia’s economy. Thanks to continued strength in traditional sectors such as garments, tourism, trade and construction, Cambodia’s GDP grew 7 per cent in 2019 — the highest growth in the ASEAN region according to the IMF.
While this impressive growth is a reason to celebrate, the possible withdrawal of the EU’s Everything But Arms (EBA) initiative may affect Cambodia’s growth prospects for 2020 and beyond. Established in 2001, the EBA gives Cambodia and 48 of the world’s poorest countries access to zero tariffs on all exports except arms and ammunition to the European Union on the condition that they comply with the principles of 15 United Nations and International Labour Organization conventions on core human and labour rights.
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