Laos, Thailand to strive for US$8b in trade
Laos, Thailand to strive for US$8b in trade
Laos and Thailand have set a goal for two-way trade to hit US$8 billion over the next three years, up from the US$5 billion kip recorded last year, Thai media reported.
The Lao Ministry of Industry and Commerce and Thailand's Ministry of Commerce met last week in Bangkok to discuss ways to boost cooperation and remove barriers to trade and investment, Thailand's Pazaxard Business newspaper reported on Thursday.
Minister of Industry and Commerce Ms Khemmani Pholsena and her Thai counterpart General Chatchai Sarikulya led officials from both sides at the two-day sixth joint cooperation meeting that ended on Thursday.
The two sides discussed ways to promote border trade and the conditions necessary to help the two countries prepare for the Asean Economic Community, which is due to come into being at the end of 2015.
They agreed to push forward with realising the outcomes of an official visit to Laos by Thai Prime Minister Prayut Chan-o-cha in November last year, the newspaper reported, citing the Thai minister.
The outcomes included a plan for the development of border areas, notably the establishment of Special Economic Zones along key border to wns, such as Mukdahan-Savannakhet, Nong Khai-Vientiane, Nakhon Phanom-Khammouan, and Chiang Khong-Bokeo.
The two countries agreed to set up a joint border tra de committee as a key mechanism to drive and supervise economic links between key towns, Thailand's Bangkok Post reported on F riday.
It reported that the pilot project will focus first on the Mukdahan-S avannakhet border area.
General Chatchai said the two governments also agreed to promote private sector activity in the two countries by setting up centres for shopping, production, transport, logistics, tourism, health care and education along the border.
National discussion mechanisms for the public and private sectors will be established both locally and nationally to pave the way for trade talks and boost border trade.
Ms Khemmani was quoted by the Bangkok Post as saying Laos would tackle the transport issue by allowing easier movement of goods to southern China along Highway R3A, a key route linking Xishuangbanna to Chiang Khong district in Chiang Rai province via Laos.
The Lao side also promised to address existing obstacles hindering imports and exports between the two countries.
Last year, Thailand was Laos' biggest trade partner, while Laos ranked No. 21 among Thailand's global trade partners and No. 7 in Asean after Malaysia, Singapore, Indonesia, Vietnam, the Philippines and Myanmar.
From 2009-13, bilateral trade between Thailand and Laos averaged US$3.76 billion a year, with annual growth averaging 35.8 percent.
In 2014, bilateral trade reached US$5.44 billion, up 6.3 percent from the year before, with exports of US$4.03 billion, up 7.3 percent from 2013.
Imports last year totalled US$1.41 billion, up 3.7 percent.
