Logo of Phnom Penh Post newspaper Phnom Penh Post - Investment treaty with US discussed

Investment treaty with US discussed

Investment treaty with US discussed

The United States and Cambodia have agreed to begin discussions on a bilateral investment treaty (BIT) in a bid to spur trade and investment between the two countries, officials said on Friday following the end of the ASEAN-US Business Summit in Siem Reap.

“A bilateral investment treaty between the United States and Cambodia would encourage investment by improving investment climates, promoting market-based economic reforms, and strengthening the rule of law,” said United States Trade Representative Ron Kirk . “Our decision to explore this possibility highlights progress made by Cambodia in fostering a policy environment that treats private investment in an open, transparent, and non-discriminatory way.”

Preliminary conversations between the US and Cambodia will be used to established similarities with further discussions highlighting possible approaches for the treaty, according to US Embassy Spokesman Sean McIntosh.

“Initially, the United States and Cambodia will discuss our respective investment policies broadly to determine key similarities and differences. Subsequent discussions would involve experts meeting to share approaches and have further talks based on the US model text,” he said in an email.

Cham Prasidh during the summit acknowledged that the United States is Cambodia’s main trading partner, saying that the Kingdom would unequivocally be seeking more investment and trade with the US.

“Now is the right time for us to have this type of encounter,” he said “The US plays a very important role for ASEAN as one of its largest trading partners. We’re also one of their largest trade partners.”

The treaty would offer Cambodia “protections to Cambodian investors in the US market.

Additionally, as Ambassador Kirk noted, it would highlight and advance Cambodia's progress in improving its investment climate”, according to McIntosh, while providing specific investment details for both countries that a free trade agreement would only cover in a broader sense.

To contact the reporters on this story: May Kunmakara at [email protected]
Gregory Pellechi at [email protected]

MOST VIEWED

  • Guards protest dismissals, reject claims of sharing naked photos of child

    Some 20 former security guards at the US Embassy in Phnom Penh protested on Tuesday against their dismissal. They accused their employers of falsely claiming they had viewed and shared child pornography from their mobile phones as grounds for their termination. In total, 32 personnel were dismissed

  • We’re going to Wisney World!

    More than 6,000 mostly Chinese attendees witnessed the inauguration ceremony of a $1 billion Sihanoukville resort project called Wisney World in the capital on Wednesday. The event on Koh Pich, attended by several senior Cambodian government officials, is a joint venture between China’s AMC International and

  • Funcinpec urges probe into deadly Preah Sihanouk accident

    THE Funcinpec party has urged the government, especially the Ministry of Interior, to investigate the traffic accident in Preah Sihanouk province which left Prince Norodom Ranariddh badly injured and his wife Ouk Phalla dead. Funcinpec Vice President You Hokry told reporters at Botum Votey pagoda,

  • Gov’t continues China tilt as ties with the US slide on ‘interference’ in Kingdom’s internal affairs

    CHINA has granted some $131 million in aid to the Cambodian military. It comes as yet another sign that the Kingdom is strengthening strategic ties with its Asian neighbour to counter increasingly cold relations with the United States. The aid was announced as part of a