KPL
Representatives from Laos and Thailand convened in Vientiane on October 7 to explore ways to boost bilateral economic and trade cooperation.
(KPL) Representatives from Laos and Thailand convened in Vientiane on October 7 to explore ways to boost bilateral economic and trade cooperation.
The discussions, which aimed to facilitate smoother trade between the neighboring countries, were led by the Lao Minister of Industry and Commerce, Mr. Malaithong Kormasith, and the Thai Minister of Commerce, Mr. Pichai Naripthaphan.
A major topic of the talks was a proposal from the Lao side to double the value of trade between the two nations to USD 11 billion by 2025. This goal aligns with the strategic partnership action plan agreed upon in 2022 and follows the commitments made during the 22nd Lao-Thai Joint Commission meeting in 2021.
The meeting also covered preparations for the 8th Cooperation Plan Meeting between the Lao Ministry of Industry and Commerce and Thailand’s Ministry of Agriculture and Cooperatives, which is set to be hosted by Thailand. This meeting has faced delays since 2020, but both sides expressed optimism about moving forward.
One pressing issue discussed was the need to reduce or eliminate non-tariff barriers, particularly restrictions on agricultural products such as corn, coffee, and vegetables, which are seen as inconsistent with the ASEAN Trade in Goods Agreement (ATIGA).
Both nations stressed the importance of promoting the purchase of Lao products to help address the trade deficit and to encourage domestic production in Laos. Thailand also signaled interest in increasing investment in Laos, especially in the processing industry and other key sectors.
The meeting underscored the importance of continued collaboration between the relevant departments of both countries, with a focus on identifying further opportunities to enhance trade and economic relations.
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