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

  • Temi tourism project approved by the CDC

    The $500.4 million Tourism, Ecological, Marine and International (Temi) tourism project has been approved by the Council for the Development of Cambodia (CDC), according to a notice on its Facebook page on Monday. The project is part of Chinese-owned Union City Development Group Co Ltd’s (

  • Rainsy will return at ‘favourable time’

    Opposition figure Sam Rainsy on Saturday suggested he would not return to Cambodia as he had previously promised, saying that like liberators King Father Norodom Sihanouk and Charles de Gaulle, he would only do so at a “favourable time”. “I will go back to Cambodia

  • NagaWorld casino sees net profit of more than $390M last year

    Phnom Penh’s NagaWorld casino posted a 53 per cent net profit increase last year at $390.6 million, a sum which is almost equal to the combined net profit of all Cambodian commercial banks in 2017. NagaWorld’s parent company, NagaCorp Ltd, is listed on the Hong Kong

  • US Embassy urged to stop ‘disrespecting sovereignty’

    The Ministry of Foreign Affairs and International Cooperation called on the US Embassy in Phnom Penh on Saturday to respect the Vienna Convention on Diplomatic Relations after it called former opposition leader Kem Sokha “an innocent man” – a move deemed to be “disrespecting Cambodia’s