WASHINGTON (Reuters) - President Barack Obama has cleared the way for the U.S. Export-Import Bank to help finance exports of U.S. goods to Laos and Cambodia, the White House said on Friday.
Obama issued a pair of memorandums saying each of the two Southeast Asian nations has "ceased to be a Marxist-Leninist country," as defined under the 1945 Export-Import Bank Act.
"This designation will now allow U.S. companies to apply for financing thru the US Export-Import bank, which provides working capital guarantees, export credit insurance and loan guarantees," the White House spokesman said.
The policy change in is response to the commitment of both countries to open up their markets, the spokesman said.
It comes as some in Congress are pressing for renewal of U.S. trade sanctions on another Southeast Asian nation, Myanmar, which has charged pro-democracy advocate Aung San Suu Kyi with violating the terms of her house arrest. She faces a maximum five-year term if found guilty of the charges.
Cambodia and Laos, with a combined population of more than 20 million, are small markets for the United States.
Last year, the United States exported $154 million worth of goods to Cambodia and just $18 million to Laos.
U.S. imports of mostly clothing and other textiles from Cambodia totaled more than $2.4 billion last year. The United States bought $42 million worth of goods from Laos in 2008.
(Reporting by Doug Palmer and Ross Colvin; editing by Todd Eastham)
Obama issued a pair of memorandums saying each of the two Southeast Asian nations has "ceased to be a Marxist-Leninist country," as defined under the 1945 Export-Import Bank Act.
"This designation will now allow U.S. companies to apply for financing thru the US Export-Import bank, which provides working capital guarantees, export credit insurance and loan guarantees," the White House spokesman said.
The policy change in is response to the commitment of both countries to open up their markets, the spokesman said.
It comes as some in Congress are pressing for renewal of U.S. trade sanctions on another Southeast Asian nation, Myanmar, which has charged pro-democracy advocate Aung San Suu Kyi with violating the terms of her house arrest. She faces a maximum five-year term if found guilty of the charges.
Cambodia and Laos, with a combined population of more than 20 million, are small markets for the United States.
Last year, the United States exported $154 million worth of goods to Cambodia and just $18 million to Laos.
U.S. imports of mostly clothing and other textiles from Cambodia totaled more than $2.4 billion last year. The United States bought $42 million worth of goods from Laos in 2008.
(Reporting by Doug Palmer and Ross Colvin; editing by Todd Eastham)
9 comments:
Yes...after all these years Cambodia was still classified as Marxist-Leninist country! Now in 2009, Cambodia is officially no longer Marxist-Leninist country! Does this mean Cambodia will become the next Thailand, Malaysia, Indonesia...?
What about Vietnam? ahahhahhahahah
"No one saves us but ourselves. No one can and no one may. We ourselves must walk the path."- Buddha.
Only you ,khmer Leu,khmer krom,khmer kandal.
"War ends only when people love each other." -Buddha.
Cambodian Town
Long Beach, Ca
One more successful goal for Cambodian government. In the future, we will have more investors to developp our economies
and our workers will have more job,then salaries will be increase rapidly.
Actually, watch out oppostion party during harsdship economies, we will suit you in court if you are critism too much, wich already happened.
New Phally
Secretary of State for Ministry of Interior and Adviser for First Vice President National Assembly
Petition to President Obama to stop genocide against the Khmer Krom and to stop the inflow of illegal Vietnamese immigrants into Cambodia with Hun Sen's approval .And he said :No one saves us but ourselve
Naranhkiri Tith, Ph.D.
thank you, USA. cambodia is no longer a communist country and would like to welcome investors from america as well. please don't wait too long because cambodia does not wait for anyone any more. thank you and god bless cambodia and the USA.
Fuck you me or ah jkout New PHALLY,you sound like trash ,that is very shameful that US government let the VietNam spy become to be a sleeping cell in Long Beach .May Cambodian next generation help to find out this dog sleeping cell in Long Beach and get rid of that animal before it grow to destroy our society as experienced from the past due in khmer rouge era
I give my support to you Mr. New PHALLY. Just don't care about this uneducated guy because I strongly believe uneducated people usually look only at negative way and is easy to lost temper. To me,it is a good job and good news, but I am still watching the final result.
If business stability is to be narrowly defined as a complete lack of change...all progress and invention must be ruled out as factors in our future economic well-being and I think the world is progressing and resources are becoming more abundant...Maybe I rather go into a grocery store today than to a King's banquet a hundred years ago.
Thank you Mr.President Barack Obama!!!May God bless the Kingdom of Cambodia and the United State of America!!!
Now, we can incorporated Marxism-Leninism into the classroom as the subsequent shift in teaching methods. In fact, the United States is true version of Marxist-Leninist Socialism.
--PPU
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