The Ministry of Commerce and the World Bank have explored ways to enhance border economic corridor efficiency with the purpose of reducing trade costs.
H.E. Sok Sopheak, Secretary of State of Commerce met the World Bank mission team, led by Mr. Sebastian Eckardt, Practice Manager of Economic Policy and Task Team Leader in Phnom Penh on Feb. 13.
The discussion focused on potential support for the proposed Cambodia Regional Connectivity Improvement Project, with an emphasis on trade facilitation which both sides explored ways to leverage the financial support to enhance border economic corridor efficiency with the purpose of reducing trade costs.
The meeting also highlighted the ongoing implementation undertaken by the Royal Government of Cambodia in streamlining trade facilitation under the WTO Trade Facilitation Agreement (WTO TFA).
These initiatives included trade digitalisation, an online business registration system, e-payment, enhancement in goods-in-transit procedures through strengthened cross-border cooperation with neighbouring countries, customs simplification, improvement of logistic facilities and infrastructure, expansion of the scope of work of the National Single Window (NSW) for more efficient trade processing, and capacity building for facilitating officials.
