Publisher's Synopsis
Over the last decade, Cambodia's gross domestic product (GDP) grew at an average rate of 8.2 percent. In 2013, the economy grew by over seven percent, and it is expected to continue to grow at a similar rate over the next two years. Cambodia, however, remains one of the poorest countries in Asia. The country is heavily reliant on foreign aid, with donor support equivalent to approximately half of the government's budget in 2013. Despite the strong performance of the garment, tourism, and construction/real estate sectors, Cambodia remains an agrarian country. Approximately 80 percent of the Cambodian population is involved in agriculture on a full-time or part-time basis. Since Cambodia became the first least-developed country (LDC) to join the World Trade Organization (WTO) in 2004, trade has steadily increased. The United States is Cambodia's largest trading partner. Approximately 33 percent of Cambodia's total exports reach the United States - primarily garment and footwear products. In 2013, Cambodian exports to the United States were valued at $2.77 billion. For the same year, U.S. exports to Cambodia were $241 million. The United States and Cambodia are signatories to a 2006 Trade and Investment Framework Agreement (TIFA) to promote greater trade and investment in both countries and to provide a forum for addressing bilateral trade and investment issues. The United States and Cambodia began exploratory discussions on a Bilateral Investment Treaty (BIT) in May 2013 and these discussions are ongoing. Cambodia is also a member of the Association of Southeast Asian Nations (ASEAN) and the Asia Free Trade Area (AFTA).
