Latest news with #SunChanthol
Fibre2Fashion
28-05-2025
- Business
- Fibre2Fashion
Cambodia cuts GDP growth projection to 5.2% for 2025, 5% for 2026
Cambodia has cut its gross domestic product (GDP) growth projection to around 5.2 per cent for this year and to 5 per cent for the next from over 6 per cent earlier due to the anticipated impact of US trade tariffs. Before the tariffs were announced, the growth projection stood at around 6.3 per cent for both 2025 and 2026 and around 6.5 per cent for the medium term (2027-2028). 'The decrease is due to the expected impact of reciprocal tariffs policy on export-serving sectors,' according to a recent report on the 'Budget Strategy Plan 2026-2028 and the Preparation of the Finance Management Bill for 2026'. Cambodia has cut its GDP growth projection to around 5.2 per cent for this year and to 5 per cent for the next from over 6 per cent earlier due to the anticipated impact of US trade tariffs. If the external situations worsen and the talks with the US do not yield expected results, the growth will further decline, a government report noted. The first round of talks with the US recently got over. If the external situations worsen and the talks with the United States do not yield expected results, the growth will further decline, the report noted. The ad hoc Cambodia-US bilateral relations coordination working group led by Deputy Prime Minister Sun Chanthol recently wrapped the first round of talks with the United States, a domestic media outlet reported. Fibre2Fashion News Desk (DS)
The Star
24-05-2025
- Business
- The Star
Cambodian PM optimistic about improved tariff after second round of trade negotiations with US
Prime Minister Hun Manet chairs a weekly plenary cabinet meeting on Friday. - Photo: Khmer Times PHNOM PENH (Khmer Times): Cambodian Prime Minister Hun Manet has expressed optimism about the upcoming second round of trade negotiations between Cambodia and the United States, hoping for a positive outcome. The Premier made the remarks during a weekly plenary cabinet meeting held on Friday morning at the Peace Palace in Phnom Penh. He noted that the first round of negotiations on the Cambodia-US Agreement on Reciprocal Trade primarily established positions and confirmed key issues, describing the process as inherently complex and time-consuming—a challenge common to all nations. He also commended the Ad Hoc Cambodia-US Bilateral Relations Coordination Working Group, led by Sun Chanthol, Deputy Prime Minister and First Vice President of the Council for the Development of Cambodia, and Cham Nimul, Minister of Commerce, for their dedicated efforts. According to a press release of the Royal Government Spokesperson Unit, during their first round of negotiations, which took place on May 13-15, 2025 in Washington, the Ad Hoc Working Group and the Office of the US Trade Representative exchanged their views in a frank and constructive manner in an atmosphere of mutual understanding on ways to further strengthening bilateral trade and investment. They had in-depth discussions on the draft Agreement. The second round of negotiations is scheduled for the first week of June 2025, also in Washington. - Khmer Times
Fashion Network
16-05-2025
- Business
- Fashion Network
Cambodia holds trade talks with U.S. as 49% tariff weighs on outlook
Cambodia has held its first round of trade talks with the United States in Washington, its government said on Thursday, as it tries to negotiate over one of the highest tariff rates imposed by the Trump administration. The United States is Cambodia's biggest export market, with the Southeast Asian country facing major implications for its crucial textiles and footwear manufacturing sector if it is unable to negotiate a reduction in a 49% tariff rate. "Both sides exchanged their views in a frank and constructive manner in an atmosphere of mutual understanding on ways to further strengthen bilateral trade and investment," Cambodia's government said in a statement, adding a second round of talks would be held in early June. It made no mention of the tariffs and said talks were held between its Deputy Prime Minister Sun Chanthol, Commerce Minister Cham Nimul and Sarah Ellerman, the assistant U.S. trade representative for Southeast Asia and the Pacific. The Office of the U.S. Trade Representative did not immediately respond to a request for comment outside of regular working hours. Cambodia's 49% tariff rate is the highest of the Southeast Asian countries affected, which are among those hardest hit. Moody's last month changed its outlook for Cambodia to negative from stable, citing downside risks to its growth prospects given the uncertainty over the U.S. tariffs. Cambodia has a big trade surplus with the United States, with its exports to the U.S. market accounting for 37.9% of its total shipments in 2024, which were valued at close to $10 billion, according to official data. Much of that was garments and footwear, a sector vital to its $49.8 billion economy and a key source of employment in manufacturing goods for brands that include Adidas, H&M, Ralph Lauren and Lacoste.
Fashion Network
16-05-2025
- Business
- Fashion Network
Cambodia holds trade talks with U.S. as 49% tariff weighs on outlook
Cambodia has held its first round of trade talks with the United States in Washington, its government said on Thursday, as it tries to negotiate over one of the highest tariff rates imposed by the Trump administration. The United States is Cambodia's biggest export market, with the Southeast Asian country facing major implications for its crucial textiles and footwear manufacturing sector if it is unable to negotiate a reduction in a 49% tariff rate. " Both sides exchanged their views in a frank and constructive manner in an atmosphere of mutual understanding on ways to further strengthen bilateral trade and investment," Cambodia's government said in a statement, adding a second round of talks would be held in early June. It made no mention of the tariffs and said talks were held between its Deputy Prime Minister Sun Chanthol, Commerce Minister Cham Nimul and Sarah Ellerman, the assistant U.S. trade representative for Southeast Asia and the Pacific. The Office of the U.S. Trade Representative did not immediately respond to a request for comment outside of regular working hours. Cambodia's 49% tariff rate is the highest of the Southeast Asian countries affected, which are among those hardest hit. Moody's last month changed its outlook for Cambodia to negative from stable, citing downside risks to its growth prospects given the uncertainty over the U.S. tariffs. Cambodia has a big trade surplus with the United States, with its exports to the U.S. market accounting for 37.9% of its total shipments in 2024, which were valued at close to $10 billion, according to official data. Much of that was garments and footwear, a sector vital to its $49.8 billion economy and a key source of employment in manufacturing goods for brands that include Adidas, H&M, Ralph Lauren and Lacoste.
Fashion Network
16-05-2025
- Business
- Fashion Network
Cambodia holds trade talks with U.S. as 49% tariff weighs on outlook
Cambodia has held its first round of trade talks with the United States in Washington, its government said on Thursday, as it tries to negotiate over one of the highest tariff rates imposed by the Trump administration. The United States is Cambodia's biggest export market, with the Southeast Asian country facing major implications for its crucial textiles and footwear manufacturing sector if it is unable to negotiate a reduction in a 49% tariff rate. " Both sides exchanged their views in a frank and constructive manner in an atmosphere of mutual understanding on ways to further strengthen bilateral trade and investment," Cambodia's government said in a statement, adding a second round of talks would be held in early June. It made no mention of the tariffs and said talks were held between its Deputy Prime Minister Sun Chanthol, Commerce Minister Cham Nimul and Sarah Ellerman, the assistant U.S. trade representative for Southeast Asia and the Pacific. The Office of the U.S. Trade Representative did not immediately respond to a request for comment outside of regular working hours. Cambodia's 49% tariff rate is the highest of the Southeast Asian countries affected, which are among those hardest hit. Moody's last month changed its outlook for Cambodia to negative from stable, citing downside risks to its growth prospects given the uncertainty over the U.S. tariffs. Cambodia has a big trade surplus with the United States, with its exports to the U.S. market accounting for 37.9% of its total shipments in 2024, which were valued at close to $10 billion, according to official data. Much of that was garments and footwear, a sector vital to its $49.8 billion economy and a key source of employment in manufacturing goods for brands that include Adidas, H&M, Ralph Lauren and Lacoste.
