Prime Minister Hun Sen does not favor Trans-Pacific Partnership (TPP) to exist, as it may hint to divide ASEAN.
The premier made the remarks on Thursday morning during certificate conferment ceremony, held at Koh Pich Exhibition Center.
TPP was established by former U.S’s president Barack Obama. TPP is a trade agreement among 12 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
It aims to promote trade by lifting trade barriers among signatory states. And only only 4 member states of ASEAN signed the agreement.
“I do not favor the Trans-Pacific Partnership (TPP) policy, as only 4 out of the 10 ASEAN member states signed the agreement. I feel it encourages discrimination among states. The newly elected American President, Donald Trump, has eliminated Obama care and also scrapped the agreement,” stated the premier.
After the newly elected U.S president Donald Trump cancelled TPP agreement, 800 companies mainly garment and shoe factories decided to invest in Cambodia, as the exports to the world’s market does not require taxes, according to Heng Sok Kong, secretary of state at the ministry of industry and handcraft.