Laos, Vietnam draft agreement on trade cooperation
Laos, Vietnam draft agreement on trade cooperation
The governments of Laos and Vietnam are anticipating the steady growth of bilateral trade between the two sides, especially at the borders.
To progress the prospective of an increased volume of bilateral t rade, the two countries are now drafting a specific agreement as a guideline to spur the growth.
The Lao Ministry of Industry and Commerce and Vietnamese Ministry of Industry and Trade are jointly drafting the agreement for border trade to boost smoother growth of trade at the borders.
Last Friday, senior officials from the two sides met in Vientiane to share their ideas on the drafting of the agreement.
The purpose of the agreement is mainly aimed at boosting trade activities at the borders of the two countries as well as introducing more order amongst local traders.
The Vietnamese delegation was led by Deputy Minister of Industry and Trade Mr Nguyen Cam Tu, who co-chaired the meeting with Lao Minister of Industry and Commerce, Ms Khemmani Pholsena.
Speaking at the meeting about the draft of the agreement, Mr Tu said that when the draft is signed or approved, it will offer a new image to boost bilateral trade between Laos and Vietnam.
“Government officials from the relevant sectors are required to read the draft carefully before it comes to the final stage and to make sure some of articles in this draft agreement are not against any of one and other's national laws,” he said.
Mr Tu also explained the necessity and importance of the draft of the trade agreement, noting that the figures of trade at the borders of the two countries will be more accurate when it comes to the statistical record.
At the same time, th e agreement will also help the peoples of the two countries to enhance their relations in the fields of economics, trade, social and culture affairs.
Officials from the Ministries of Agriculture and Forestry, Public Works and Transport, Foreign Affairs, the Bank of the Lao PDR, and other sectors participated in the meeting.
Bilateral trade values between Vietnam and Laos in the first nine months of 2014 reached US$995 million, with bilateral trade projected to reach US$1.4 billion for the entire year.
Total trade value between the two countries is expected to reach US$2 billion in 2015, according to a recent report by a Vietnamese local economic newspaper.
Ms Khemmani also said that Laos and Vietnam have recently signed trade agreements and it is necessary to have an agreement for trade at the borders in a bid to boost trade values.
“The draft of the agreement is set to be complete this coming June and the Ministry of Industry and Commerce will continue to put more details into the draft of the agreement,” she said.
She also urged the relevant government sectors to read the draft carefully and to engage in contributing their ideas to complete the draft agreement.
