PHNOM PENH: The UN General Assembly on Dec. 19 adopted resolution A/79/L.49, Graduation of Cambodia from the least developed country (LDC) category, announced the UN in a recent news release.
Cambodia will graduate from the LDC category on Dec. 19, 2029 after being granted, on an exceptional basis, an extended preparatory period of five years (the standard period is of three years) to enable them to effectively prepare for graduation and ensure a smooth transition out of the category.
According to the UN, Cambodia was included in the LDC list in 1991. Since then, the Kingdom has achieved rapid socio-economic development and met the graduation criteria for the first time in 2021. All three criteria were met again with significant margins in 2024.
In May 2024, the United Nations Economic and Social Council (ECOSOC) endorsed the recommendation for Cambodia’s LDC graduation in 2029, following a five-year preparatory period. Graduation from LDC status, however, would result in the gradual withdrawal of international support measures including preferential trade arrangements, flexible application of the World Trade Organisation’s (WTO) Rules of Origin (RoO) and Trade-Related Aspects of Intellectual Property Rights (TRIPS), among others.
These changes will have implications on Cambodia’s macroeconomic and trade performance (namely, export sectors), as well as on employment and poverty, with differential gender impacts.
Senegal is also scheduled to graduate from the LDC category along with Cambodia in 2029.