Cambodia, a developing country, began the transformation from a command economy to the free market in the late 1980s. It is now integrating into the regional and world trading framework. In 1999, Cambodia joined the Association of Southeast Asian Nations (ASEAN) and in September 2004, became a member of the World Trade Organization (WTO). On December 15, 2008 the entry into force of the ASEAN Charter brought Cambodia and other member states into a new regional legal framework. Cambodia has shown interest in participating in other international trading arrangements, including the Asia-Pacific Economic Cooperation forum (APEC).
As part of its WTO commitments to strengthen the investment climate for both foreign and domestic businesses, Cambodia committed to enact 47 laws or regulations to address areas where existing law did not meet WTO requirements. Cambodia has been behind schedule in fulfilling its WTO commitments to pass necessary business legislation concerning the general business environment, trade in goods, trade in services, and the protection of intellectual property rights. However, the country has made progress recently, passing several significant laws in 2008, including a Law on Plant Breeder Rights and Law on Civil Aviation, and in 2009, the government promulgated a Law on Tourism, a Law on Insolvency, and a sub-decree establishing a national commercial arbitration body. The government has either completed drafts of most of the remaining required laws or is waiting for their approval by the legislature.
Since the re-establishment of a constitutional monarchy in 1993, the economy has grown steadily. From 2004 to 2008, the economy grew at an average of approximately 10 percent per year, driven largely by an expansion in the garment, construction, agriculture, and tourism sectors. In 2005, exploitable oil and natural gas deposits were found beneath Cambodia's territorial waters, representing a new revenue stream for the government if commercial extraction begins. Mining also is attracting significant investor interest, particularly in the northern parts of the country. However, the global economic crisis has adversely affected the economy’s key pillars and economic growth was expected to contract in 2009.
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