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A special seminar on Geoeconomics and Regional Trade Dynamics was held in Vientiane today, convening experts from Laos and Australia to discuss strategies for navigating a shifting global economic landscape and advancing Laos' development priorities.
The event was co-hosted by the Lao Academy of Social and Economic Sciences (LASES) and the Australian National University (ANU), with support from the Laos-Australia Friendship Association.
It brought together experts from both institutions, alongside representatives from relevant government offices, international organisations, and the media.
In her opening remarks, Australian Ambassador to Laos, Megan Jones, underscored the long-standing partnership between Laos and Australia.
“Australia is proud to work alongside our Lao friends to enhance our mutual prosperity and contribute to Laos’ national socio-economic and development priorities,” said Ambassador Jones. “Australia is one of Laos’ longest-standing partners, with 73 years of unbroken diplomatic ties built on mutual respect, understanding, and close cooperation.”
Ambassador Jones highlighted a significant milestone: the 2024 signing of a Comprehensive Partnership by Lao Prime Minister Sonexay Siphandone and Australian Prime Minister Anthony Albanese. This agreement reflects a shared commitment to deepen cooperation, particularly in increasing bilateral trade and investment, guided by Australia’s Southeast Asia Economic Strategy to 2040.
She also pointed to the recent launch of the Laos-Australia Investment Facilitation and Transformation for Economic Resilience (LIFT 4 Laos) program which is designed to strengthen Laos' capacity to attract high-quality foreign direct investment, promote sustainable development, and build economic resilience.
During the seminar, experts analysed the profound impacts of external challenges—including trade wars, military conflicts, and natural disasters—on the global economic system and regional economies like Laos. They concluded that diversifying export markets and partnerships is crucial for mitigating these risks.
Participants urged countries to protect rules-based economic systems and enhance cooperation under regional frameworks like the Regional Comprehensive Economic Partnership (RCEP). Experts specifically called on Australia to assist Laos in areas such as SME capacity building and human resource development.
In his closing remarks, Dr. Sthabandith Insisiengmay, Vice President of LASES and President of the Laos-Australia Friendship Association, emphasized the seminar's importance.
“The discussion at this meeting is insightful for monitoring the macroeconomy and devising policies to cope with future risks,” stated Dr. Sthabandith. “We realise that we need to stabilize Laos' macroeconomy as a fundamental step, increase investment in human resource development, and make the best use of opportunities within our region, such as RCEP, while maintaining a healthy global trade environment.”
KPL
