The Cambodian government has allocated $1.2 billion to bolster an economy struggling with the withdrawal of some European trade perks and the COVID-19 pandemic.
Under its Everything But Arms policy, the European Union grants tariff-free access for goods from developing countries that meet international standards on democracy.
But a ban on the main opposition party from contesting the 2018 election upset the EU – Cambodia’s largest export market – prompting the withdrawal and an initial cost to business of about $130 million.
