Phnom Penh (FN), Oct. 4 – The European Unions will grant Everything But Arm (EBA) scheme to Cambodia until 2027, said EU Ambassador to Cambodia George Edgar on Thursday morning at the European Economic Diplomacy Media Talk on Business and Development, held in Phnom Penh.
George Edgar said EBA is a preferential tariff that the European Chamber of Commerce provides to least developed countries; what EBA offers is to export goods without tariffs and quotas, except arms.
Ambassador said that according to the World Bank’s method of measuring GDP per capita, Cambodia has passed low income country to lower middle income country since 2016.
The Cambodian economy is expected to grow at 7 percent in 2018, compared with 6.9 percent in 2017, underpinned by upbeat investor sentiment and rising government spending, says a new World Bank report in October.
It’s estimated that Cambodia will move to a higher middle income country in 2030 and high income country in 2050.