(Phnom Penh): Today, the United Kingdom and the Royal Government of Cambodia today signed a Memorandum of Understanding (MoU) to formalise a three-year partnership aimed at strengthening Cambodia's regulatory framework through the implementation of Regulatory Impact Assessment (RIA) reform.

This collaboration is part of the UK-ASEAN Economic Integration Programme delivered by the Foreign Commonwealth & Development Office in partnership with the Office of Product Safety and Standards. The programme supports ASEAN and its Member States in fostering sustainable economic growth by developing the framework for improved, transparent, and evidence-based regulation.

The UK is now extending its support to Cambodia with the aim of institutionalising RIA within the government's policy development process. The UK's support is designed to strengthen Cambodia's economic potential, attract investment, and enhance the ease of doing business. These efforts contribute to creating a more conducive environment. for trade and investment.

The new programme, entitled "Supporting Regulatory Impact Assessment Reform," will focus on enhancing Cambodia's capacity to assess the economic, social, and environmental impacts of proposed laws and regulations. This will enable policymakers to make better-informed decisions that support inclusive and sustainable development.

Cambodia has reaffirmed its commitment to regulatory reform, recognizing the importance of RIA as a key tool for improving governance, reducing regulatory burdens, and ensuring that new regulations deliver clear benefits to society and the economy.

British Ambassador to Cambodia, Dominic Williams MBE, said, "The UK partnership with Cambodia on regulatory reform is part of our support for Cambodia's graduation from Least Developed Country Status, since good regulations are fundamental to the efficient and effective functioning of government, the economy and business environment.

Good regulation doesn't get the press it deserves. But when regulation goes wrong, it often does make headlines, as it can have serious real-world consequences-from financial losses to environmental impacts to human casualties. This reinforces the vital importance of this work and the UK's pride in launching this exciting new collaboration with Cambodia."

Vongsey Vissoth, Permanent Deputy Prime Minister, Minister in Charge of the Office of the Council of Ministers, said, "Cambodia is committed to advancing regulatory reform to create a more transparent and predictable business environment. This MoU clearly states that it is a step toward achieving a key milestone in the Royal Government of Cambodia's reform agenda, promoting the smart drafting of law, regulations and other legal documents, and building stronger institutions and rules."

This partnership reflects the UK's ongoing commitment to reinforcing Cambodia's journey toward a more transparent, efficient, and investor-friendly regulatory environment while supporting ASEAN's regional integration and economic resilience.
=FRESH NEWS