WTO Entry To Shakeup Economy

December 2003
Asia Monitor: South East Asia Monitor Volume 1;Dec2003, Vol. 14 Issue 12, p1
Country Report
Country Report
On the September 11 2003 ministers at the WTO approved Cambodia's membership, putting it in line to be the first less-developed country to join the WTO. Implications of the agreement will have a profound impact on the country's economic development. Reform-minded rulers in Cambodia are hoping that WTO entry will help the reinforcement and implementation of foreign investor friendly legislation. A major concern over the WTO agreement is its likely impact on Cambodia's agricultural sector, which accounts for 37% of the economy. Around 80% of the population live off the land, with most employed in small-scale subsistence farming. However, as part of its WTO agreement, Cambodia has pledged to cut tariffs to a maximum 60% tariff for all agricultural imports. According to business forecasting company Business Monitor International Ltd., Cambodia's GDP will grow by 6% this year. Certain sectors, including agriculture and the garment industry, are set to record strong growth this year. In addition to that, the article provides related data on various economic developments of Cambodia.


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