The European Union announced the selective withdrawal of Cambodia’s Everything-but-arms (EBA) trade status after a year-long review of the Kingdom’s human rights and democracy situations. While the EU claimed that the removal “will affect selected garment and footwear products and all travelling goods and sugar”, which will cost Cambodia about $1.1 billion, Heng Sour, Ministry of Labour spokesman, says the EBA cut is not a chief challenge to the country’s economy. Cambodia has more important problems to deal with, he adds. In taking the drastic step of suspending Cambodia's tariff-free access to EU markets last week, the European Commission hoped it would incentivize Phnom Penh to repair human rights violations and improve its governance. But the move is much more likely to backfire, pushing Cambodia away from Europe and toward China.
https://s.nikkei.com/2uMcZ1L; http://bit.ly/2uBoVn3;
National Bank of Canada says its prospects for Cambodia, a key international growth market, remain solid, even after the European Union decided it will slap trade sanctions on the Southeast Asian country because of its human-rights record.http://bit.ly/31WMqTD;
