Phnom Penh (FN), Oct. 14 – Cambodian Prime Minister Hun Manet stated that free trade must involve both exports and imports, benefiting both sides, speaking on Monday (Oct. 14) during the 20th anniversary celebration of Cambodia’s accession to WTO at Sokha Phnom Penh Hotel.
Samdech Thipadei Hun Manet noted that he has heard questions regarding Cambodia's status as a developing country, such as why it should join the WTO. Some asked how Cambodia can compete and whether it would be wiser to protect local industries until they are stronger before opening up to international markets.
In response to the question, Samdech Thipadei underscored, “Competing means strengthening our capabilities in the business arena. Our goal in opening the market is not just to access larger markets but to raise our standards. By introducing high-standard products, we push local producers to enhance their capabilities.”
Samdech Thipadei continued, “Therefore, we strive to improve technology and comply with international standards, which ultimately strengthens our private sector. Our state institutions must also be reinforced. Historically, we managed our economy through central planning until the 1990s. Once we joined the WTO, we recognized the need to strengthen our regulatory bodies and aligned our laws with international standards. This benefits the state, the private sector, and the people, facilitating Cambodia’s full integration and progress.”
On the occasion, Prime Minister Hun Manet also underlined that the decision to join the WTO was a significant and forward-thinking choice made by the Royal Government of Cambodia’s past leaders. The celebration of Cambodia's 20th anniversary in the WTO marks a pivotal moment in the country’s efforts to integrate into the global multilateral trading system, highlighting the achievements of this historic milestone.
It should be noted that the World Trade Organization (WTO) is an international organisation responsible for regulating trade between nations. Established on 1 January 1995 under the Marrakesh Agreement—signed by 123 countries on 15 April 1994—the WTO is now the largest international economic organisation in the world.
=FRESH NEWS
