Showing posts with label Trade with the US. Show all posts
Showing posts with label Trade with the US. Show all posts

Wednesday, August 22, 2012

Cambodia's trade with U.S. reaches 1.39 bln USD in H1, up 4.5 pct

PHNOM PENH, Aug. 22 (Xinhua) -- Bilateral trade volume between Cambodia and the United States had jumped to 1.39 billion U.S. dollars in the first six months of this year, a 4.5 percent rise compared with 1.33 billion U.S. dollars at the same period last year, according to the statistics of the U.S. Department of Commerce obtained on Wednesday.

From January to June this year, Cambodia's exports to the U.S. were 1.27 billion U.S. dollars, up 1.6 percent if compared with the same period last year, while the country's imports from the U. S. were 120 million U.S. dollars, up 47.6 percent.

Wednesday, July 25, 2012

US intends to diversify trade relations with Cambodia

July 24, 2012 (Cambodia)
Fibre2fashion News Desk - India

The US is making moves to diversify and strengthen its trade relationship with Cambodia. The US’s business relationship with the Southeast Asian country is presently limited to the imports of readymade garments from Cambodia.

At the US-Asean business forum in Siem Reap, Cambodia, a trade delegation from the US, along with the Secretary of State Hillary Clinton, focused on the expansion of the country’s trade relationship with Cambodia.

At present, Garments have a substantial share in Cambodia’s exports to the US. According to the figures with the US Department of Commerce, apparels constituted 95.1 percent of all Cambodian exports to the US in the first five months of 2012, a marginal decline from the 95.4 percent share during the corresponding months of 2011.

Monday, July 23, 2012

US looks beyond garments to deepen Cambodia trade

Local people watch from the roadside as a motorcade with US Secretary of State Hillary Clinton passes on its way to the US-Asean business forum and dinner on July 13 in Siem Reap, Cambodia. AFP

23/07/2012
By Steve Finch in Siem Reap
Bangkok Post

The biggest US trade delegation to Cambodia in decades joined Secretary of State Hillary Clinton here as the two countries look to expand their economic relationship beyond exports of cheaply produced garments.

Executives from Google, Goldman Sachs and MasterCard were among the cast of US multinationals that attended the US-Asean Business Forum in Siem Reap on July 13 following Mrs Clinton’s stops in Vietnam and Laos.

“On the economic front, there is much more room for us to grow together, so we are working to foster economic activity in very tangible ways,” the secretary of state said at the US-Asean Ministerial Meeting in Phnom Penh.

Leading a delegation of more than 20 American companies to Hanoi in a meeting with Prime Minister Nguyen Tan Dung, Mrs Clinton noted the trade relationship with Vietnam had grown more than twenty-fold since 2001 to US$22 billion last year.

Tuesday, July 17, 2012

Alongside Clinton Diplomacy in Cambodia, Talk of Trade

Francisco Sanchez (Photo: Courtesy Department of Commerce)

Monday, 16 July 2012
Nash Jenkins, VOA Khmer | Washington, DC
“There are several growing markets in Southeast Asia, so it’s a priority in terms of exports.”
Several US officials traveled to Phnom Penh last week with US Secretary of State Hillary Clinton, comprising a broad effort to strengthen American ties with Cambodia and the region.

Among them was Under Secretary of Commerce for International Trade Francisco Sanchez, who met with economic officials and business leaders on Friday at the inaugural US-Asean Business Forum in Siem Reap.

“There are several growing markets in Southeast Asia, so it’s a priority in terms of exports,” Mara Lee, a Commerce Department spokeswoman, told VOA Khmer on Friday. “The undersecretary has invested a lot of time in facilitating trade relations with the region.”

Saturday, July 14, 2012

Putting Workers’ Rights a Center Piece of Trade Agreement

Mu Sochua thanking Sec. Clinton for release of the Beung Kak Lake women
Exchanging warm greetings with Sec. Clinton at the Gender Equality and Women’s empowerment Policy Dialogue for the Lower Mekong Initiative-Siem Reap.

July 14, 2012
By Mu Sochua

The Sam Rainsy Party has put workers' rights as a center piece for economic growth since the first day the party was established. The founding members of SRP include Chea Vichea and Ou Mary.

Lead by Mr. Sam Rainsy in 1995, the workers' movement pushed from no minimum wage to US$45 and major improvement of working conditions, including the rights to use toilets and an 8 hour working day.

The message for oppressive governments: you want real investments from US, then CONNECT through OPENNESS, FREEDOM, RIGHTS and DEMOCRATIC VALUES.
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http://www.state.gov/secretary/rm/2012/07/195001.htm

SECRETARY CLINTON: Thank you very much, Minister Phavi, for that introduction and also for describing the results of what has been, by all reports, an excellent meeting. And I thank all the heads of delegations who are here and all of the attendees. I want to welcome all our partners from the Lower Mekong nation and from the Friends of the Lower Mekong. And I want to commend the Government of Cambodia for its leadership in the Lower Mekong Initiative and for co-hosting this conference.

We launched this organization three years ago to expand cooperation on issues that affect the daily lives of people across the region. And I’m getting some feedback. I’m hearing the Cambodian translation at the same time. (Laughter.) I wish I spoke Cambodian, but I don’t. So I was having a little trouble, but thank you for that.

We launched this organization three years ago to expand cooperation on issues that affect the daily lives of the people across the region, from protecting the environment to managing water resources to improving infrastructure, education, and public health. And now with the inclusion of the government in Nay Pyi Taw we are poised to make even greater progress together.

Wednesday, July 11, 2012

Clinton Discusses Bilateral, Regional Issues with Cambodian PM

2012-07-11
Xinhua

U.S. Secretary of State Hillary Clinton met with Cambodian Prime Minister Hun Sen here on Wednesday evening, discussing bilateral ties and regional issues.

During the one-hour meeting at the Peace Palace, Clinton highly evaluated good cooperation between the U.S. and Cambodia and emphasized that the two countries have much room to grow in terms of trade and investment, according to Eang Sophallet, spokesman for Hun Sen.

The U.S. is satisfied with the security cooperation with Cambodia and wishes to see further expansion in this cooperation, Clinton said.

Friday, September 24, 2010

The US-China story in South-east Asia

Sep 24, 2010
Originally Posted at Today Online

Singapore Prime Minister Lee Hsien Loong spoke to The Wall Street Journal ahead of the summit today between leaders of the Association of South-east Asian Nations (Asean) and United States President Barak Obama. These are excerpts of the interview.

WSJ: I want to ask you about the summit. Specifically why the broader push to have these regular US-Asean summits? Why are these important for you guys?

PM Lee: Because the US is one of the most important international relationships for Singapore and also for Asean. We are in Asia - Asia is booming, China is a big story and a major trading partner for us, but China is not the whole story. Even on trade, where our exports go to China, a lot of it is processed and re-exported and ends up finally in America and Europe and the developed countries.

But America plays a role in Asia which China cannot replace, and nobody can replace, because of the history since the Second World War, because of its security contributions maintaining the peace in the region, and influencing the region in many benevolent ways - technology, foreign investments, culture, soft power. Many young people go to America to be educated - even from China. And Singapore sees America as continuing to have a role in the region.

So that is from our side. From America's side, China is the biggest story in Asia and is their most important bilateral relationship in the world. But in Asia, it is important for America to have relations not just with China but also the other countries - Japan, of course, also South-east Asia. America has many friends here, it has many interests here, and it has many investments here.

It is an account which should grow, and it is necessary in order to complement America's relationship with China, and keep the region open and accessible to all parties.

WSJ: You talked about the relationship with US vis-à-vis China. I mean, China has become a much more important figure, economically, politically, in every possible, measurable way, in the last five or ten years. Has that changed the relationship, I mean is it more important now to be closer to US than vice-versa?

PM Lee: For us, China is a given in our foreign relationships. The US has also been a given, until now, and we believe that for a stable architecture in the region, the US has to be part of the story. If it is only a China story, I believe that it is not good for Asia and not good for China, because for Asia, you would be dependent on one source of prosperity, vibrancy, tourism.

For the overall configuration, if the Americans do not have a big stake in the region, or the Europeans do not have a big stake in the region, the chances of a bloc forming, or a rivalry across the Pacific, grows.

Whereas if the Americans are present here, the cooperation is trans-Pacific and it links the whole network closer together and makes it less likely that you are going to have a split down the middle of the ocean.

WSJ: I am not sure what you mean when you say 'a split down the middle of the ocean'. Can you explain that?

PM Lee: If America has friends in the region, and interests in the region - in Japan, in Korea, Indonesia, Singapore, Malaysia, Thailand, Vietnam - then Asia and America, will form one cooperative framework, one cooperating, wider economic area.

If we did not have that, and Asian countries were all in a China orbit and we exported just to China, did business mainly with China and had a relationship exclusively with China, then if there is some friction or some other problem between the US and China - which cannot be ruled out, it is bound to happen from time to time - we are all part of that problem.

And the chances of all of us in Asia being seen by America as being a rival and a competitor and a threat are much greater.

But if you have investments here, if you have business here, then you will see us as friends and part of the solution, not part of the problem.

WSJ: Were you surprised by US Secretary of State Hillary Clinton's remarks in Hanoi, particularly on the South China Sea? Was that the right policy for the US?

PM Lee: I think the US has always had an interest in the freedom of navigation in the South China Sea, as well as the peaceful resolution of disputes, and in accordance with UNCLOS (United Nations Convention on the Law of the Sea). As for how she expressed it - well, I do not know if other countries would have expressed it in that way. But I think it was a useful reminder. The question is how to maintain a stance that is consistent, firm, and yet not confrontational.

The problem is not going to be solved anytime soon. Many countries have claims, Singapore does not, but Brunei, Malaysia, Philippines, Vietnam, China all have claims. And if you read them, they all have long stories and histories behind it.

So I do not see any claimant, anytime soon, saying: "In the interest of being friends with our neighbours, we will abandon all this."

Neither do I see them, soon, going to The Hague or some international forum and having a group of wise men adjudicate, and then peace, or at least harmony breaks out. All these overlapping claims are going to be maintained for a long time, hopefully without the matter being pressed to breaking point by any side.

WSJ: You pointed out that it could take a long time to settle these disputes. Are we moving in the right direction or the wrong direction? Was the Hanoi declaration, or whatever that comes out on Friday, do you sense that things are going in the right direction or the wrong direction?

PM Lee: I think it is hard to say from one pronouncement whether things are changing direction or going in the right or wrong direction. What is helpful is for the US to have a long-term interest in the region, and to sustain that whatever the political cycle or climate is, and whatever the other preoccupations of the day may be to America.

If you go back a quarter century, the US had a presence in Clark Air Base in the Subic Bay in the Philippines, and that was from the region's point of view an extremely positive thing.

Unfortunately that came to an end, and Singapore did a little bit, by way of hosting a few US military facilities and allowing their ships to transit here. But we are not, in any sense, a replacement for Clark or Subic.

But it is important for the US to maintain sustained engagement in the region, not just engagement in the South China Sea but engagement with the Asean countries. Asean is 10 countries, and quite a disparate association.

Not all 10 are totally like-minded, because between Laos and Cambodia, to Singapore and Malaysia, it is quite a range. So it is a management-intensive exercise to maintain such a relationship even amongst ourselves, never mind our partners.

But it is important that America does this, and across a wide range of areas, so people know that America is a power, which is a Pacific power, and here to stay. The Bush administration had the right instincts, pursued the right lines but I think did not have enough bandwidth, or close enough focus to actually make many things happen.

WSJ: There is a perception that South-east Asia - it may not necessarily include Singapore in this equation but I suspect in some people's minds it would - is trying to draw the US back in, essentially as a hedge against China?

PM Lee: We are quite clear, and have said this explicitly, that we want a very good relationship with China, we want to deepen our cooperation, but we believe it is a plus for us all that China is prospering and becoming a more significant participant in the world.

But China is not the only story and for Asia, for South-east Asia, it is good if India is also prospering, and it is also important that America continues to be part of our geopolitical scene.

Friday, January 08, 2010

US Congressional Delegation Discusses Trade

Left to right: Joseph Cao, Eni Faleomavaega and Mike Honda (Photo: DAP)

By Chun Sakada, VOA Khmer
Original report from Phnom Penh
07 January 2010


Prime Minister Hun Sen and three US congressmen discussed an extension of trade relations between the two countries on Thursday, while raising the possibility of debt reduction.

The congressmen—Eni Faleomavaega, a Democrat from American Samoa; Mike Honda, a Democratic from California; and Joseph Cao, a Republican from Louisiana—met with Hun Sen, Foreign Minister Hor Namhong, Finance Minister Keat Chhon and Commerce Minister Cham Prasidh

“We did touch on the issue of debt obligations, also on questions of trade and tariffs in trying to bring Cambodia’s trade and economic needs [and] better status especially in trade with the United States,” Faleomavaega told reporters at Phnom Penh International Airport Thursday afternoon.

The US delegation is scheduled to travel to Laos, having already visited Vietnam. The tour will conclude in Japan.

Cambodia owes the US more than $300 million from the Lon Nol period, a debt Cambodian officials maintain should be erased. Faleomavaega said he told Hun Sen he would take the matter to discuss with other US lawmakers.

Debt forgiveness could help Cambodia, he said. Faleomavaega said he wanted to play a role in bettering the relationship between Cambodia and the US.

Eang Sophaleth, an adviser to Hun Sen, told reporters the premier had thanked the men for continued economic support from the US and was happy to promote a relationship between the two countries.

Wednesday, November 05, 2008

Asians uneasy over Obama trade stance

Nov 5, 2008
By JOE McDONALD
AP Business Writer


BEIJING (AP) -- Asian exporters looked closely Wednesday at Barack Obama's trade stance, worried about the possible impact of his victory on Cambodian textile producers, Indian outsourcing companies and Korean automakers.

"He appears to be a protectionist," said Chea Mony, president of the Free Trade Union of Workers in Cambodia, which has an export-driven textile industry. "I am quite concerned about that because most of our clothing products are exported to America."

Obama has said he is in favor of free trade agreements if they benefit the United States. He has criticized a deal with South Korea that has yet to be ratified, saying it does not adequately address an imbalance in auto trade. South Korean automakers sold 772,482 vehicles in the United States in 2007, while the U.S. sold 6,235 in South Korea, according to industry statistics.

In an Oct. 24 letter to the U.S. National Council of Textile Organizations, Obama pledged "strong enforcement" of trade remedy laws, which can include added tariffs on imports that are deemed to hurt American businesses. Obama said he would include labor and environmental standards in free trade agreements - a measure that many in Asia view as a possible pretext to shield U.S. companies from foreign competition.

Obama also has said he would pressure China to end what he calls the manipulation of its exchange-rate system. Washington and other trading partners say Beijing's currency, the yuan, is kept undervalued, giving its exporters an unfair price advantage and adding to China's multibillion-dollar trade surplus.

Indian outsourcing companies - accused by critics of stealing U.S. jobs - have also expressed some apprehensions about an Obama victory.

"There are some apprehensions about protectionism being on the Democrats' political agenda. We hope that's misplaced and global trade and flows of goods and services will continue," said Saumitra Chaudhury, a member of the Economic Advisory Council of Prime Minister Manmohan Singh and chief economist at the credit rating agency ICRA Ltd., a Moody's affiliate in New Delhi.

Other analysts said that despite Obama's pre-election comments, he was likely to follow the example of previous U.S. presidents and take a moderate line in office to preserve important trade relations with Asia.

"He may have talked tough, but based on past experience, that's just a tool to win over voters," said Qiang Yongchang, a professor at the Economy Institute at Shanghai's Fudan University.
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AP Business Writers Tomoko Hosaka and Yuri Kageyama in Tokyo, Elaine Kurtenbach in Shanghai, Jeremiah Marquez in Hong Kong and Kelly Olsen in Seoul, Associated Press Writer Ker Munthit in Phnom Penh and AP researcher Bonnie Cao in Beijing contributed to this report.