sapuco
Junior Member
Posts: 92
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Post by sapuco on Aug 16, 2021 21:18:38 GMT 4
In the year since the European Union imposed sanctions on Cambodia, the Southeast Asian country has turned to China to blunt the economic impact, deepening its dependence on its main patron.
Brussels last August partially revoked the largely duty-free market access that Phnom Penh had enjoyed since 2001, citing human rights abuses including a crackdown on political opposition. The move reimposed standard tariffs on products amounting to about 20% of Cambodia’s exports to the bloc, including travel goods, some apparel and sugar.
But while the measure did cut into Cambodia’s exports to one of its largest markets, growing trade with China has helped Prime Minister Hun Sen shrug off the EU’s demands, underscoring the uphill battle Western countries face in promoting their values.
Although Cambodian exports to the EU fell 19% last year to $3.17 billion, according to the International Monetary Fund, Hun Sen has asserted that the impact of the sanctions was dwarfed by the “huge” impact of the coronavirus pandemic.
The country’s overall exports dipped just 0.5% to $14.78 billion. Exports to China rose 12% last year, and sales to the U.S. expanded as well, as the trade war between Washington and Beijing spurred companies to move production out of China.
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