Asean, EU boost economic and trade cooperation
Asean, EU boost economic and trade cooperation
Following the development of the Asean Economic Community, Asean members and the European Union will step up economic and trade relations in a bid to promote Asean markets to the EU.
The Foreign Trade Policy Department of the Ministry of Industry and Commerce represented the Lao government yesterday by hosting the 23rd Senior Economic Officials Meeting - European Union Consultation in Vientiane.
The meeting reviewed trade relations between Asean and the European Union, discussed free trade negotiations between the two sides, and established a long term cooperation plan.
Participants also discussed trade policy and discussed economic cooperation for market integration.
Director General of the Foreign Trade Policy Department, Dr Laohoua Cheuching, told local media at the meeting that the EU market needs a supply of quality products, which is good for Laos as well as other Asean members.
Laos is currently exporting various handicraft and agricultural products, particularly textiles and rice, he said.
The export of textiles via the association was just over 1.4 billion kip (US$178,900) in 2014, and the Ministry of Industry and Commerce reported that the export of handicrafts (via the ministry) was more than 42.44 billion kip (US$5.3 million) in 2013-14, according to a report from the Lao Handicraft Association.
Woven textiles are currently exported throughout Asia and most of Europe where they are sold to France, Switzerland, Germany, the UK, Italy, Spain, Czech Republic, Belgium, the Netherlands and Portugal. They are also going to other markets such as Australia and Ca nada.
The Ministry of Industry and Commerce reports that Laos now has trade cooperation and services with more than 70 countries, mainly through Asean free trade agreements.
Laos also has trade agreements with the Asia-Pacific and enjoys trade priority through the Generalised Scheme of Preferences with both developed and developing countries.
In the fiscal year 2013-14, the value of Laos' trade exceeded 66.28 trillion kip (US$8,115 million). Exports to 76 countries were valued at about US$3,433.7 million, while imports from 73 countries were worth about US$4,680.8 million, the ministry reported.
The main exp ort products are ores and processed ore, electricity, garments, rubber, tapioca, sugar, wood products, maize, coffee and bananas.
The major imported products are construction equipment, vehicles and spare parts, fuel, industrial products and electrical equipment.
The meeting is part of the first meeting of Asean Senior Economic Officials, which Laos is hosting in Vientiane from January 18-22 in preparation for the 47thAsean Economic Ministers meeting to be held in Laos in August.
