More changes to Lao laws needed prior to AEC: academic
More changes to Lao laws needed prior to AEC: academic
The direct and immediate impacts of WTO accession on the Lao economy are likely to be relatively limited, but it is a milestone for Lao development, the rule of law and international integration, a notable academic has said.
Project Director of the Laos-United States International and Asean Integration (LUNA-Lao project), Mr Steve Parker, discussed Laos' situation at a seminar on the Asean Economic Community (AEC) held in Vientiane on Monday,
Mr Parker said that although Laos became a member of the WTO earlier this year, legislators must make changes to a large number of laws. More than 100 laws require amendment to bring them in line with international practices.
“The improvement of legislation and laws and stronger institutions are required for Laos. WTO accession is a springboard towards sustained development and the rule of law, and towards the AEC,” he said.
Deputy Director General of the Foreign Trade Policy Department at the Ministry of Industry and Commerce, Mr Saysana Sayakone, said Laos joined the WTO in February this year and so far 90 legal documents have been revised in line with international practices.
“Laos has trade relations with more than 60 countries and has achieved significant records in the value of trade over the past years,” he said.
In 2012, the value of exports stood at US$1.602 million while imports were worth US$4.322 million.
“Despite the significant changes in trade patterns in Laos over the past 10 years, trade with Asean and non Asean countries enjoyed positive growth rates of 29 percent and 14 percent respectively,” Mr Saysana said.
In terms of trade within the AEC, Laos is aiming to reduce tariffs to 0-5 percent on 95 percent of listed products and to zero on 79 percent of certain listed products, he added.
In preparing for the AEC, Laos still faces challenges in human resource development, financial sources for AEC project implementation, institutional structures, and coordination mechanisms.
Monday's seminar was co-organised by the Lao National Chamber of Commerce and Industry, the Lao Chapter of the American Chamber of Commerce, and the Australian-New Zealand Business Association.
The seminar was sponsored by the German Agency for International Development (GIZ). Senior officials from relevant Lao ministries, the Lao National Chamber of Commerce and Industry and overseas guests were present at the event.
vientiane times
