Kingdom awaits US trade law

The US House of Representatives has renewed a trade law experts said could have a substantial effect on Cambodia’s exports to the United States, as well as the future of the Kingdom’s manufacturing sector. The Generalized System of Preferences (GSP) program waived tariffs on about US$13 million of the Kingdom’s $2.3 billion in exports to the United States in 2010, largely on more skill-intensive products. The number represents a roughly 225% increase since 2005, which is seen as a sign Cambodia’s manufacturing industry is growing ever more sophisticated. While the GSP law still requires Senate approval before it is passed, insiders have said it would have a significant impact on the Kingdom as its economy develops… The GPS, originally approved by the US Congress in 1974, waives duties on certain exports from about 130 developing countries. The waivers apply largely to skill-intensive goods such as jewellery, electric wiring and wooden doors, but exclude the vast majority of Cambodia’s garment exports…

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