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The Lao Ministry of Industry and Commerce recently hosted a training session to enhance understanding of the United Kingdom's trade preferences and the Developing Countries Trading Scheme (DCTS). The initiative aims to equip stakeholders with the knowledge needed to maximize trade benefits under the preferential system.
(KPL) – The Lao Ministry of Industry and Commerce recently hosted a training session to enhance understanding of the United Kingdom's trade preferences and the Developing Countries Trading Scheme (DCTS). The initiative aims to equip stakeholders with the knowledge needed to maximize trade benefits under the preferential system.
The session was co-chaired by Saeng-Aloun Vilaysack, Deputy Director-General of the Department of Trade Negotiations and International Economic Cooperation, and Mew Barlow, the British Ambassador to Laos. Representatives from both the public and private sectors participated in discussions on trade facilitation measures, tax declaration procedures, and regulatory frameworks designed to ease commerce between Laos and the UK.
The event also provided a platform for dialogue on trade challenges and opportunities, fostering deeper economic cooperation between the two nations.
Laos currently engages in trade with more than 60 countries globally and enjoys preferential trade agreements with 42 nations, including the UK. Bilateral trade between Laos and the UK has remained steady, supported by these preferential agreements.
In 2024, total trade volume between the two countries reached $38.27 million, with $20.43 million in imports from the UK and $17.87 million in Lao exports.
Key Lao exports to the UK include footwear, garments, sugar, and hats, while British imports to Laos consist of whiskey, wine, beer, vehicles, and other goods.
With continued cooperation under the UK's DCTS, officials anticipate further strengthening of trade relations, benefiting businesses in both countries.
KPL
