WTO membership to boost Lao economic growth
WTO membership to boost Lao economic growth
Laos expects to gain benefit more than loss from joining the World Trade Organisation (WTO) early next year, according to a senior policy maker from the Ministry of Industry and Commerce.
“10 years after China joined the WTO, the country has become the second largest trading partner in the world after the USA, increasing from the seventh rank in 2000,” Deputy Minister of Industry and Commerce, Ms Khemmani Pholsena said on Thursday.
“Lessons learnt by Vietnam also show that international economic integration brings more benefit than loss.”
Ms Khemmani was speaking at the opening ceremony of the first meeting with members of the public to disseminate information on the accession of Laos to the World Trade Organisation, for which the Lao government expects to complete the application process by the end of this year and be accepted as a WTO member at the beginning of 2013.
A number of students from the National University of Laos, business representatives, government officials and media attended the meeting.
She said that once Laos was accepted as a WTO member, enterprises in Laos would be able to access the markets of the 157 member countries, adding that the improvement of legal documents to be more transparent and meet international standards and effective law enforcement would create confidence and encourage foreign investors to invest in Laos.
“Increasing foreign in-vestment in Laos will help the transfer of technology and knowledge from developed countries to Laos, one of the main ways to strengthen Lao indus try,” she said.
She said that Laos had to improve a number of laws and regulations to meet WTO membership requirements, adding that the move would also help the country to prepare itself to join hands with other Asean member countries to establish the Asean Economic Community in 2015.
“35 laws including customs law, tax law and intellectual property law, decrees and regulations have been amended as part of Lao preparations to join the WTO,” she said.
US ambassador to Laos, Ms Karen B. Stewart joined Ms Khemmani in presiding over the opening ceremony of the meeting.
She said that the US was one of the countries which provided support for Laos to join the World Trade Organisation, adding that it believes that international economic integration would enable the land locked country to strengthen the rule of law.
She said that the US believes that the rule of law and opening the country to foreign investment will help Laos to hasten its economic growth. She also said that the US has committed to providing technical support for Laos to increase capacity building to meet the obligations of WTO membership.
A number of economists said that it was good for Laos to join the WTO, however, the people who will bring most benefit to the country are in the private sector. Those who work hard to improve themselves and become competitive will earn great benefit from the expanded market of Laos.
vientiane times
