Laos on track to become WTO's 158th member
Laos on track to become WTO's 158th member
Laos will be accepted as a member of the World Trade Organisation (WTO) by the end of this month provided the country's report is approved by the body's General Council when it meets on October 26
At the meeting, Laos will present its working party report, a report on the goods listed for tariff reduction, and a list of its opened services as required by the WTO.
Once endorsed, the Lao National Assembly will ratify all related documents in December, before a final 30 day wait after which Laos will become a full WTO member.
The Ministry of Industry and Commerce held a seminar yesterday to discuss the media's role in Laos' integration into both the WTO and the Asean Economic Community.
The government has singled out the media as the key to providing information on the changes WTO membership will bring for businesses involved in import and export.
Personnel from Vientiane media outlets attended the m eeting, which was led by Deputy Minister of Industry and Commerce, Ms Khemmani Pholsena, and Deputy Minister of Information, Culture and Tourism, Mr Savankhone Razmountry.
The participants learned of the background of Laos' bid for WTO membership, and the new rules, progress and challenges it will entail.
Laos first applied for membership in 1997, and has since completed all WTO requirements and bilateral agreements with the required countries.
Since 2000, Laos has enacted more than 90 new or improved laws , decrees and regulations relating to trade. Under WTO rules, the average tariff on agriculture products is 19.3 percent and 18.7 percent on industrial products. The current Lao tariff is 18.4 percent for agriculture, and 10 percent for industrial products – numbers which exceed WTO standards. Laos has open ed up 79 service sub-sectors out of a total 160 sectors.
Amongst other benefits, participants learned how membership encourages greater export volume, higher foreign investment, and improved competition.
Possible challenges include a greater demand for Laos to open its markets and tighten its laws, higher competition for goods and services, and a growing need to improve and bolster the country's human resources.
It was pointed out that the potential benefits will depend on inputs from both the government and the private sector. It is expected that membership will contribute to the country's development and its political power on the international stage.
vientiane times
