The Implication of Cambodia’s Membership in WTO on Legal Framework and Policy by Khun Nhem Deputy Director, Customs and Excise Department of the Ministry of Economy and Finance 1. Introduction Becoming a member of the WTO is a major initiative of the Royal Government, and one that can bring significant long-term benefits to Cambodia, in terms of expansion of its international trade and its continuing economic development. As one of the requirements to become a member of this internationally prestigious organization, Cambodia will need to establish or amend her legal system which should be in consistency and compliance with standard and practice of the WTO. A legislative package of laws and regulations has been prepared with time limit for completion. Customs Law is one of the Laws indicated in the package. In drafting the Customs Law, two major international documents have been taken into account: that is the International Convention on simplification and Harmonization of Customs Procedures known as the Kyoto Convention and the WTO Agreement on the Implementation of Article VII of the GATT. This Agreement is one of the major elements of the WTO Agreements, commonly referred to as the WTO Valuation Agreement. The implementation of the Valuation Agreement(the Agreement) will have a major impact on Government(primarily on the Customs and Excise Department) and on trade(primarily on importers and to a lesser degree exporters). This paper provides a brief assessment of the policy, legal, and 106