Stripped of some of its European trade privileges, Cambodia is bracing for an economic hit as major brands such as H&M review their production in the country.
The European Commission on Wednesday announced it would suspend duty-free access for 40 products from Cambodia, equal to about 20% of the country’s exports to the bloc, or some 1.1 billion euros ($1.19 billion).
The decision followed the EU’s 12-month review of Cambodia’s eligibility for its Everything But Arms scheme, which grants developing countries duty-free access for all exports except weapons and ammunition.
