Lao, US officials discuss trade, investment agreement
Lao, US officials discuss trade, investment agreement
Senior officials from the governments of Laos and the United States of America met recently in Vientiane to discuss implementation of the Trade and Investment Framework Agreement (TIFA).
The preliminary meeting on TIFA between Laos and the US was chaired by Deputy Minister of Industry and Commerce Mr Somchit Inthamith and US Trade Representative-USTR Ms Barbara Weisel.
The meeting is to translate the implementation of the Trade and Investment Framework Agreement between Laos and the US which was signed on February 17 in California.
This agreement was established to be the discussion floor for trade and investment promotion between Laos and the US.
Officials from the two sides discussed various topics of interest, in particular implementation of TIFA between Laos and the US, plus implementation of obligations abiding by World Trade Organisation (WTO) trade and investment cooperation between Laos and US technical assistance.
Besides this, participants discussed increasing trade value by holding meetings between businesspeople from the two countries and supporting SMEs in Laos, improving the climate for doing business in Laos, and providing convenience for goods transport from Laos to the US market.
Mr Somchit thanked the US government for supporting and assisting Laos through the LUNA project to improve trade policy and implement their obligations to contracts as Laos is a member of the Asean framework and the WTO.
He emphasised the relations between Laos and the US over past years especially trade relations. High-level officials from the two countries have exchanged visits in the past, with the most outstanding event being when Minister of Industry and Commerce Ms Khemmani Pholsena visited the US in early 2016.
Mr Somchit talked about the visit by US President Barack Obama to Laos during the Asean Summits when a joint statement was issued by Lao President Mr Bounnhang Vorachit and US President Barack Obama.
Trade value between Laos and the US reached US$14 million in 2005 and increased to US$88 million in 2016.
US ranks as the twelfth export market and tenth import market with Laos.
From 2005-2010, US investment in Laos reached more than US$32 million and increased to more than US$42 million in 2011-2015. Currently the US ranks as the tenth largest investor in Laos.
