Laos, DPRK strengthen trade ties
Laos, DPRK strengthen trade ties
The governments of Laos and the Democratic People's Republic of Korea (DPRK) have recently reached bilateral cooperation agreements in the fields of economics, trade, science and technology.
The cooperation agreements were signed at the conclusion of the meeting between the two sides.
The agreed minutes of the 3rd Meeting of the Joint Commission for Economic, Trade, Scientific and Technological Cooperation (ICETSTC) were drawn up by both sides.
Deputy Minister of Industry and Commerce Mr Somchith Inthamith signed the cooperation agreements on Tuesday with Vice Minister of External Economic Relations of the Democratic People's Republic of Korea Mr Ri Myong San.
A senior ministry official said the cooperation agreements were signed as references for further cooperation in the specific fields of the agreements.
“In the trade sector, we still need a much longer time to figure it out in terms of practical cooperation,” he told Vientiane Times yesterday.
Prior to the cooperation agreements, the delegation of senior officials from the Democratic People's Republic of Korea discussed the cooperation areas with their Lao counterparts.
At the meeting, both sides shared the decision to more dynamically expand and strengthen cooperation between Laos and the DPRK in the fields of economy, trade, agriculture, education, health, science, technology and transportation.
Focusing on cooperation in economy and trade, the two sides reviewed their current bilateral trade status. It showed that turnover did not correspond to the potential of both countries.
Consequently it is suggested that the two sides cooperate more intensively with a view to boosting current trade volumes.
Both sides agreed to exchange visits of officials at intermediate working level between the Lao Ministry of Industry and Commerce and the DPRK's Ministry of External Economic Relations.
The two parties will continue to consult with their relevant sectors to ensure the possibility of further cooperation in order to propose their plans to their respective governments.
During their visit, the delegation from the DPRK paid a courtesy visit to Laos' Deputy Prime Minister Somsavat Lengsavad and also Minister of Industry and Commerce Ms Khemmani Pholsena and went to view tourism and economic sites in Vientiane.
The revision of the coo peration progress will be discussed at the 4th Meeting of the Joint Commission for Economic, Trade, Scientific and Technological Cooperation (ICETSTC) to be held in 2016, in Pyongyang of the DPRK.
vientiane times
