Cambodia-US Patent Deal To Boost Investor Confidence

Trade & Policy

Cambodia-US Patent Deal To Boost Investor Confidence

Cambodia has signed a patent cooperation deal with the US, which is hoped to improve bilateral trade between the two nations and increase investment into the kingdom. According to the Ministry of Industry, Science, Technology and Innovation (MISTI), the memorandum of understanding (MOU) seeks to expedite the issuance of patents in Cambodia and reflects the kingdom's commitment to optimising economic growth and maximising investment confidence in the country. Aside from the US, Cambodia also has patent cooperation agreements in place with Singapore, Japan, China, South Korea and the European Union. Bilateral trade between Cambodia and the US stood at US$ 4.3 billion for the first eight months of 2020, a year on year increase of 15.6%. For that same period, Cambodia exported about US$ 4.1 billion worth of products to the US, an increase of 22% compared to last year. Typically, Cambodia exports garments, footwear, travel goods and agricultural products to the US, while importing vehicles, animal feed and machinery in return.