You may be aware of the Cambodia Trade Act of 2019, introduced in the US Congress by Sen. Chris Coons, Sen. Ted Cruz, Rep. Lowenthal and Rep. Chabot. This bill directs the executive branch to conduct an out of cycle review of the trade preferences that the United States currently grants Cambodia for the import of travel goods. It is estimated that this preference currently accounts for around $400M of trade between Cambodia and the United States, and GMAC estimates that one new travel goods factory is opened every 15 days.
While the direct consequences would fall on the travel goods industry, we believe the Cambodian worker and the greater business community would also suffer from the lack of confidence in the Cambodian economy that passage of this bill would cause. As a result, our Board of Governors has taken action; today we sent a letter to the US Congress explaining our perspective and asking them to reconsider moving this bill forward.
We would also note that our US citizen members can exercise their right to express a position on the issue directly in writing to their Congressional representatives.
Your Board of Governors