Stakeholders take on board duties of WTO membership
Stakeholders take on board duties of WTO membership
The General Council meeting of World Trade Organisation members last month agreed to allow Laos to join the organisation, paving the way for the country to become a member early next year.
A national stakeholder conference on Laos' accession to the WTO took place in Vientiane yesterday, hosted by the Lao National Chamber of Commerce and Industry (LNCCI) in cooperation with the Ministry of Industry and Commerce and its partners - the International Trade Centre (ITC) and the WTO.
The conference was held to ensure that stakeholders understand the commitments made by Laos and their ramifications, as well as potential business opportunities, with a focus on the agriculture sector.
The intention was to inform and build confidence among Lao business owners, employees, and civil servants as well as civil society groups concerning the WTO accession commitments made by the Lao government.
Inclusive and open dialogue will contribute to improving the understanding and ownership of the process among all sectors of society.
The government believes that when Laos officially becomes a member of the WTO, the country will have opportunities to expand its export markets and enjoy greater economic stability similar to other member countries.
WTO membership will give Laos a greater political and economic presence at the regional level and throughout the world, as the country will have more power in negotiations about trade and other issues, joining together with the Asean community and other least developed countries.
It will also open up good opportunities for the government and business sector to develop their skills in regard to international trade, creating the necessary conditions to further poverty reduction efforts.
But in order to achieve the maximum benefits, close cooperation and a high degree of responsibility and ownership will be required from every sector, such as improving rules and regulations and upgrading business competitiveness.
Laos still faces some challenges as it nears WTO membership , especially the fact that government officials from the central to local levels, the business sector and the general public still have a limited understanding of the basic principles of the WTO, and the commitments and obligations involved.
The conference aimed to create the understanding needed to harvest t he potential benefits and ensure those concerned are in a position to deal with potential challenges.
Production enterprises within the country mostly remain small and there is a lack of effective management. Most of the country's exports currently comprise border trade, so Laos may not see great benefits from WTO membership in the shorter term.
The realisation of business opportunities deriving from Laos' WTO membership will only be achieved when enterprises are aware of those opportunities
The conference was chaired by Deputy Minister of Industry and Commerce Ms Khemmani Pholsena, LNCCI Vice President Mr Oudet Souvannavong, WTO Deputy Director General Ms Valentine Rugwabiza, and ITC Chief Business and Trade Policy Mr Rajesh Aggarwal.
According to the WTO, the market access and economic reform accompanying WTO membership with its principles of transparency, predictability and rules will help Laos to develop and make it more attractive to foreign investors.
However, whether businesses and wider society in Laos will actually benefit from the commitments made depends to a large extent on the process of adaptation by the private sector and the continued reform process pursued by the government.
vientiane times
