Phnom Penh (FN), Aug. 11 – The European Union (EU) will partially suspend the EBA tax preferences from Cambodia for certain products effective on 12 August 2020, according to Meas Sok Sensan, spokesperson of the Ministry of Economy and Finance.
Sensan told Fresh News on Tuesday that to cope with partial withdrawal of EBA and Covid-19 pandemic, the Ministry of Economy has allocated a budget of USD 1.16 billion.
The spokesperson reiterated that the partial suspension of the EBA does not mean Cambodia loses markets in Europe.
“Europe is still Cambodia's exporting destinations. The EBA partial withdrawal means some Cambodian goods are no longer on the tax exemption list anymore,” he said.
On 12 February 2020, the European Commission issued a decision to partially suspend the EBA tax preferences from Cambodia for certain products in the garment, footwear, traveling products and cane sugar, worth about 100 million.