UPI launched in Phnom Penh for merchants
The Third Meeting of the India-Cambodia Joint Working Group on Trade and Investment (JWGTI) noted the encouraging momentum in bilateral trade, which grew by over 36% to reach US$406.78 million in 2025-26, up from US$299 million in the previous financial year, with the April-June 2026 quarter recording a further 63.25% year-on-year growth.
Cambodia is currently India’s 8th largest trading partner in ASEAN, accounting for 0.31% of India’s total trade with the bloc, reflecting significant headroom for growth, said the Ministry of Commerce and Industry after conclusion of the meeting held on 24 August 2026 in Phnom Penh.
The meeting was co-chaired by Amit Verma, Joint Secretary, Department of Commerce, and Long Kemvichet, Director General of International Trade, Ministry of Commerce, Cambodia.
The meeting deliberated upon ways to diversify and deepen trade, including through cooperation and collaboration in traditional medicine, e-governance modules, recognition of Indian pharmacopeia, trade statistics reconciliation and the sharing of information on flagship trade fairs and business delegations.
The meeting also welcomed the successful launch of UPI acceptance at KHQR-enabled merchants in Phnom Penh on 2 June 2026, and discussed the next phase of enabling Cambodian payment applications to scan UPI QR codes in India, which would allow Cambodian travellers to use UPI-enabled terminals in India seamlessly.
The meeting further welcomed the agreement between both sides on the MoU on Custom Cooperation and discussed early signing, which would bring uniformity in custom procedure.
The two sides further discussed cooperation in agriculture and market access issues, expanding trade in dyes and pigments, banking and insurance sector cooperation. The two sides also welcomed the discussion for completion of the Bilateral Investment Treaty between India and Cambodia and agreed for early signature on it.
This was the third meeting of the JWGTI since its institutionalisation and the meeting reaffirmed the depth and growing potential of the India-Cambodia trade and economic partnership. The next meeting of the JWGTI will be held in India in 2027.
On the sidelines of the 3rd India–Cambodia JWGTI meeting, Shri Amit Verma had a productive call with H.E. Tith Rithipol, Under Secretary of State, Cambodia. Discussions covered strengthening bilateral trade and investment, cooperation in pharmaceuticals, and the successful UPI–KHQR digital payments linkage. Both sides reiterated their shared commitment for deepening the partnership between the countries.
Amit Verma also met with members of the Indian Business Chamber in Cambodia (IBCC). Discussions focused on accelerating bilateral trade agreement discussions, facilitating Indian investment in Cambodia, and identifying 5–7 priority sectors including education, healthcare, IT, agriculture and tourism.
The meeting also discussed an “Invest in Cambodia” roadshow in India, positioning Cambodia as a production base for Indian companies seeking access to ASEAN markets, and establishing a mechanism for IBCC/FICCI/JBC to provide private-sector feedback to the JWGTI. Fiinews.com
