Cambodia has expressed its thanks to the UK for its decision to extend Developing Countries Trading Scheme (DCTS) membership for an additional three years
Cambodia has expressed its thanks to the UK for its decision to extend Developing Countries Trading Scheme (DCTS) membership for an additional three years after the Kingdom graduates from Least Developed Country (LDC) status.
Once the December 19, 2029 graduation takes effect, Cambodia will no longer be eligible for the preferential trading schemes and tariff exemptions provided to LDC nations by several countries and trading blocs.
The UK will extend its support until 2032.
The extension was confirmed during a meeting between Prak Sokhonn, Minister of Foreign Affairs and International Cooperation, and Dominic Williams, UK Ambassador to Cambodia.
Discussions at the January 30 meeting centred on ways to enhance bilateral cooperation.
“On trade and investment, Sokhonn welcomed the successful convening of the Joint Trade and Investment Forum (JTIF) in November 2024 in Phnom Penh and acknowledged the importance of Cambodia's inclusion in the DCTS for economic growth,” said a foreign ministry press release.
The DCTS is a UK government programme which aims to promote trade and investment with developing countries. Initiated in 2023, it replaced the UK's Generalised Scheme of Preferences (GSP).
“The minister expressed his appreciation for the UK's continued support, including the decision to extend Cambodia’s benefits for an additional three years post-LDC graduation until 2032, to help ensure a smooth economic transition,” added the release.
Both sides also touched on the development of Cambodia’s Green Special Economic Zone and other projects such as the Techo International Airport, which was designed by the British firm Foster + Partners. They also applauded the increasing number of British visitors to Cambodia.
According to the Ministry of Tourism, UK visitors to Cambodia ranked 9th in 2024, with the Kingdom welcoming 115,148 guests from the UK.
The UK is Cambodia's 10th largest trading partner, following China, the US, Vietnam, Thailand, Japan, Canada, Indonesia, Germany and Spain.
According to the General Department of Customs and Excise (GDCE), in 2024, the total trade volume between Cambodia and the UK reached over $1,012 million, marking a 16% increase over 2023. Exports to the UK earned $958.75 million, a 20.4% rise, while imports from the UK amounted to $53.7 million, a 29.9% decline.
In terms of trade balance, Cambodia holds a surplus of approximately $905.05 million. The UK ranks as the 8th largest destination for Cambodian exports, after the US, Vietnam, China, Japan, Canada, Spain and Germany.
