Logo of Phnom Penh Post newspaper Phnom Penh Post - Asian countries urged to liberalise

Asian countries urged to liberalise

Content image - Phnom Penh Post
The fifth edition of the India-CLMV business summit in Phnom Penh yesterday. Photo Supplied

Asian countries urged to liberalise

Cambodia’s commerce minister on Monday encouraged counterparts in India and the three other Asean countries included in the CLMV group (Cambodia, Laos, Myanmar and Vietnam) to strengthen their relationships, in hopes that collaboration will further boost economies and reinforce trade.

Speaking at the fifth edition of the India-CLMV business summit in Phnom Penh, which focused on collaboration, Pan Sorasak, Cambodia’s commerce minister, said that India and CLMV countries have to further liberalise their economies. He said the five countries should seek to prevent protectionist policies, strengthen multilateral trading systems.

“For promoting trade flows and the regional value chain, Asean and India have liberalised over 90 percent of the total tariff lines,” he said, adding that foreign direct investment (FDI) flows from India to Asean have increased from $960 million in 2015 to $1.05 billion in 2016.

The India-CLMV business summit, which seeks to promote regional partnerships, is making its first appearance in the Kingdom, where is will take place over two days.

Suresh Prabhu, minister of commerce in India, said on Monday that “we look forward to announcing further collaboration with Cambodia”. The Kingdom is a preferred destination for Indian firms due to its investment friendly environment and dollarised economy.

MOST VIEWED

  • Phnom Penh placed in two-week lockdown

    The government has decided to place Phnom Penh in lockdown for two weeks, effective April 14 midnight through April 28, as Cambodia continues to grapple with the ongoing community outbreak of Covid-19, which has seen no sign of subsiding. According to a directive signed by Prime Minister

  • Cambodia on the verge of national tragedy, WHO warns

    The World Health Organisation (WHO) in Cambodia warned that the country had reached another critical point amid a sudden, huge surge in community transmission cases and deaths. “We stand on the brink of a national tragedy because of Covid-19. Despite our best efforts, we are

  • Hun Sen: Stay where you are, or else

    Prime Minister Hun Sen warned that the two-week lockdown of Phnom Penh and adjacent Kandal provincial town Takmao could be extended if people are not cooperative by staying home. “Now let me make this clear: stay in your home, village, and district and remain where

  • Vaccination open to foreigners in Cambodia

    The Ministry of Health on April 8 issued an announcement on Covid-19 vaccination for foreigners residing and working in Cambodia, directing the Ministry of Labour and Vocational Training and local authorities to register them. Health minister Mam Bun Heng, who is also head of the inter-ministerial

  • Ministry names types of business permitted amid lockdown

    The Ministry of Labour and Vocational Training singled out 11 types of business that are permitted to operate during the lockdown of Phnom Penh and Takmao town, which run through April 28. Those include (1) food-processing enterprises and slaughterhouses; (2) providers of public services such as firefighting, utility and

  • Culture ministry: Take Tuol Sleng photos down, or else

    The Ministry of Culture and Fine Arts has told Irish photographer Matt Loughrey to take down the photos of Khmer Rouge victims at Tuol Sleng Genocidal Museum which he allegedly colourised and altered to show them smiling. The ministry said Loughrey's work is unacceptable, affecting