Place Credit Reports Cambodia Order
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Economy Overview:
In 1999, the first full year of peace in 30 years, the government made
progress on economic reforms. The US and Cambodia signed a Bilateral
Textile Agreement, which gave Cambodia a guaranteed quota of US textile
imports and established a bonus for improving working conditions and
enforcing Cambodian labor laws and international labor standards in the
industry. From 2001 to 2004, the economy grew at an average rate of
6.4%, driven largely by an expansion in the garment sector and tourism.
With the January 2005 expiration of a WTO Agreement on Textiles and
Clothing, Cambodia-based textile producers were forced to compete
directly with lower-priced producing countries such as China and India.
Although initial 2005 GDP growth estimates were less than 3%,
better-than-expected garment sector performance led the IMF to forecast
6% growth in 2005. Faced with the possibility that its vibrant garment
industry, with more than 200,000 jobs, could be in serious danger, the
Cambodian government has committed itself to a policy of continued
support for high labor standards in an attempt to maintain favor with
buyers.
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