A senior official at The Ministry of Commerce requested all vendors and traders register their businesses in order to receive their legal company identity and protect their business.
The request was made by Pen Sovicheat, undersecretary of state at the ministry, during a workshop on business registration and law on commercial enterprise organised by the Trade Training and Research Institute, an institution under the commerce ministry.
He said by getting their business registered, they could also boost exports of local products to international markets through existing free trade agreements.
He said the government, with the commerce ministry as its administrator, had negotiated hard to open new markets through the establishment of The Regional Comprehensive Economic Partnership (RCEP), the Cambodia-China Free Trade Agreement (CCFTA), and the Cambodia-Korea Free Trade Agreement (CKFTA); all of which were designed to boost exports.
The government had also made new laws – and amended current laws – to bring them into line with the regulations surrounding membership of the RCEP, he said.
“The Ministry of Commerce has reformed business registration, requests for certificates confirming the origin of products, and trademarks, by creating an automatic system. We urge all small and medium enterprises to register their businesses to get their identity, legality, and to protect their business interests,” he said.
He added that the law on commercial enterprise is one of the three most important laws in commerce, and was passed by the National Assembly on December 29 last year. All of these laws were made to ensure transparency and consistency in Cambodia’s legal framework. These laws also promote the business environment in Cambodia to contribute to the Kingdom’s post-Covid socio-economic recovery.
