US Signs TIFA With Cambodia

by Glen Shapiro, LawAndTax-News.com, New York

18 July 2006

Deputy US Trade Representative Karan Bhatia and Cambodian Minister of Commerce Cham Prasidh signed a Trade and Investment Framework Agreement (TIFA) on Friday that will help enhance trade and investment between the two countries, and provide a forum to address bilateral trade issues.

"We welcome Cambodia into our family of TIFA partners in Southeast Asia," announced Ambassador Bhatia, continuing:

"We look forward to building our trade and investment relations under this dialogue, working more closely on regional and WTO issues, and helping Cambodia fully implement its WTO obligations."

Under the TIFA, the two countries will consider ways to expand and liberalize trade and investment between the United States and Cambodia. They also will discuss such issues as intellectual property rights, trade facilitation and customs, and implementation of Cambodia’s World Trade Organization (WTO) commitments. In addition, the TIFA dialogue will provide a forum for closer cooperation on bilateral, regional and WTO issues.

US exports to Cambodia increased 18 percent to nearly $70 million in the past year and have increased steadily since Cambodia joined the WTO in October 2004. Major exports to Cambodia include automobiles, machinery, textile articles, and fats and oils. US imports from Cambodia totaled $1.7 billion in 2005, comprised largely of knit and woven apparel and prepared meat and fish.

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