Group 1 - Dongguan Ruijia Travel Goods Co., Ltd. has been established with a registered capital of 3 million RMB [1] - The company's business scope includes general projects such as bag manufacturing, bag sales, daily necessities sales, bag repair services, hardware products wholesale, plastic products sales, leather products sales, outdoor products sales, electronic products sales, goods import and export, technology import and export, and internet sales (excluding sales of goods that require permits) [1] - The company is authorized to independently conduct business activities according to its business license, except for projects that require approval by law [1]

Economic Performance - Cambodia's economy shows strong but uneven performance, with manufacturing and services growth driven by stable exports, particularly in garments and tourism[35] - Agricultural sector employment remains significant, supporting 3.1 million jobs, but its contribution to GDP growth is limited, only 0.2 percentage points in 2024[36] - Total rice production increased by 11.0% in 2024, but structural challenges persist, including reliance on weather conditions and price volatility[36] Trade and Investment - Exports to the US, especially garments, remain strong, with a year-on-year growth of 11.6% in Q1 2025, contributing significantly to consumer confidence[38] - Foreign Direct Investment (FDI) inflows are primarily from China, accounting for 65.5% of total net FDI, while domestic investment approvals have sharply declined by 96.7% year-on-year[39][43] - Total goods exports reached $26.673 billion in 2024, with a significant contribution from the garment, travel goods, and footwear sectors[43] Inflation and Monetary Policy - Inflation rose to 3.7% in March 2025, driven mainly by food price increases, while broad money supply growth reached 19.0%[38] - The banking sector reported a non-performing loan (NPL) rate of 7.9% by the end of 2024, indicating deteriorating asset quality[40] Fiscal Policy and Public Debt - Central government revenue increased by 11.2% year-on-year in Q1 2025, primarily due to significant growth in VAT and non-tax revenues[40] - Public debt remains low at 25.9% of GDP as of the end of 2024, with a projected fiscal deficit of 2.7% of GDP for 2025[41] Social Impact and Inequality - Economic recovery has been uneven, with household consumption per capita growing by 8% from 2021 to 2023, but disparities exist between income groups[42] - The poorest 20% saw a 7% increase in consumption, while the wealthiest 20% experienced a 10% increase, highlighting income inequality[42]

Core Viewpoint - Cambodia has made significant progress in its integration into the global trade system since joining the WTO 20 years ago, enhancing its economic structure, trade volume, and living standards while actively participating in multilateral trade frameworks [1][4][12]. Summary by Sections Overall Performance After 20 Years - Cambodia has fulfilled its commitments upon joining the WTO, reducing the average tariff rates for agricultural and non-agricultural products from 28.1% and 17.7% to 9.4% and an estimated 7.9% respectively by 2023 [4]. - The trade-weighted average tariff is projected to be 7.9%, with agricultural and non-agricultural tariffs at 11.8% and 7.6% respectively, leading to higher GDP growth and trade flow [4]. Legal and Regulatory Framework - Cambodia has implemented a new customs law and 25 accompanying regulations to meet WTO requirements, enhancing trade transparency and efficiency [5][6]. - A series of important laws have been revised or established to align with WTO rules, including laws on e-commerce, consumer protection, and trade remedies [6]. Economic Achievements - From 2004 to 2023, Cambodia's GDP increased from $5.3 billion to $32.17 billion, a sixfold growth, with per capita GDP rising from $464 to $1,917 [14]. - International trade has surged, with total trade volume growing from $4.5 billion to $46.82 billion, and exports increasing from $2.798 billion to $23.47 billion, averaging a 12% annual growth rate [14]. Foreign Investment and Social Development - Foreign investment has expanded from $110 million in 2000 to $4.9 billion in 2023, with manufacturing and infrastructure being key sectors [15]. - The poverty rate has significantly decreased from 60% in 2000 to 16% in 2023, with Cambodia set to graduate from the least developed country status by 2029 [15]. Challenges Ahead - Cambodia faces challenges in the current complex international environment, including the need for effective dispute resolution mechanisms within the WTO and adapting to regional trade agreements [18]. - The slowdown in economic growth among key trading partners poses risks to Cambodia's trade and foreign investment inflows [18]. Future Opportunities - Cambodia aims to leverage new opportunities while maintaining a commitment to the WTO multilateral trade system, enhancing its role in global economic cooperation [19]. - The country plans to adapt to evolving international trade rules and promote digital and green trade initiatives to ensure broader benefits [19][20].