Laos, Cambodia, Myanmar seek to boost trade with China

Laos, Cambodia, Myanmar seek to boost trade with China

Laos, Cambodia and Myanmar are seeking to enhance trade development for small and medium-d enterprises (SMEs) and find new markets in China, the world’s second largest economy.

 

A seminar was held in Nanning city, China recently, organised by the International Trade Centre (ITC) in partnership with the China-Asean Business and Investment Summit Secretariat, aiming to boost trade between China, Laos, Cambodia and Myanmar.

The seminar served as a platform for dialogue on the challenges and opportunities in trade and enterprise development between China, Laos, Cambodia and Myanmar.

It was held within the framework of the ITC’s project on enhancing export capacities of least developed countries in April this year, which is aimed at increasing the exports of Asian SMEs including those from Laos, Cambodia and Myanmar.

Participants also discussed issues such as trade facilitation, customs procedures, quality standards, labelling, certification and best practices.

“China is both a major exporter and importer, which offers enormous opportunities for developing countries and least developed countries in the region to establish strong economic linkages which will boost multilateral trade,” the ITC’s Director of Country Programmes, Mr Ashish Shah said.

China is a huge market for SMEs in Asia, its economy accommodating around 90 percent of businesses that employ close to 80 percent of the workforce.

The proximity of Laos, Cambodia and Myanmar to China offers a district advantage for trade to flourish, with the added boost of the Asean-China free trade area that launched in 2010.

Mr Shah added that the establishment of the Asean Economic Community in 2015 would be another incentive towards strengthening economic integration and value chain production for trade in goods and services.

Lao Minister of Industry of Commerce, Ms Khemmani Pholsena explained during the seminar that trade development would provide a platform for Laos, Cambodia and Myanmar to further trade cooperation with China.
The trade relationship between China and Asean has been strengthening dramatically since the realisation of the Asean-China Free Trade Area (ACFTA) in 2010.

China has agreed to negotiate on upgrading the ACTFA to ensure that it remains dynamic and commercially relevant, which would benefit Asean nations, especially Laos, Cambodia and Myanmar.

According to China-Asean bilateral trade statistics, the trade volume between China and Asean reached a total of US$4,436 billion, which is an increase of 10.9 percent in comparison with 10.3 percent recorded in 2012.

The trade value between Laos and China last year reached some US$2.7 billion.

vientiane times