TFS members review trade facilitation progress
TFS members review trade facilitation progress
Members of the Trade Facilitation Secretariat (TFS) gathered yesterday in Vientiane to review and evaluate progress in regards to smoothing the way for international commerce and trade.
The 4th TFS meeting was organised by the Department of Import and Export on behalf of the office of the Trade Facilitation Secretariat and hosted under the chairmanship of Minister of Industry and Commerce Ms Khemmani Pholsena, who is also Head of the National Trade Facilitation Secretariat.
The meeting also saw participation from both the government and business sectors whose work relates to trade facilitation.
The purpose of this meeting was to approve the result of some measures in implementing the agreement on Laos' trade facilitation under the framework of the World Trade Organisation (WTO) Trade Facilitation Agreement.
The participants also heard a report on the progress of trade facilitation by the dedicated trade facilitation secretariat memberships from 2013-2014 to the present and then held discussions on aspects and issues regarding trade facilitation.
The WTO Trade Facilitation Agreement (TFA) was adopted in December 2013 at the Bali Ministerial Conference.
The objective of the agreement is to improve trade opportunities for developing countries through measures such as reducing trade costs for the business sector among the countries that require documents for trade.
This TFA will enter into force once two-thirds or 108 member countries have completed their domestic ratification process.
Until August 2015, some 72 countries have already notified the WTO about the commitments and measures they will be able to implement when the agreement comes into effect.
As a member country, Laos will also uphold the WTO's commitments and obligations.
Therefore, the meeting listened to and adopted the results of the Needs and Priorities Assessment for Laos on trade facilitation by preparing to notify the WTO about measures that Laos will be able to implement in the coming years.
The meeting also examined important subjects such as the National Trade Facilitation Strategy which was implemented from 2011 under the Trade Facilitation Strategy 2011-2015.
This was an important step for reducing procedures and creating transparency, rapidity and harmony in foreign trade and customs, aiming to reduce trade costs, contribute to increased trade competition among the business sector in overseas markets, attract more foreign investment, and manage the import and export process effectively.
The evaluation of progress pointed out that around 93 percent of the targets set by the Trade Facilitation Strategy were achieved in the period from 2011-2015.
This included the strategy on enhancing trade facilitation in the ministries and relevant sectors; reducing procedures and creating transparency; rapidity and harmony in foreign trade and customs; improving and building capacity for the business sector in running businesses effectively in accordance with the regulations; and establishing the TFS.
The success of the Trade Facilitation Strategy implementation has contributed to the reform of regulations, improved infrastructure for trade facilitation, the development of human res ources and resolution of business sector issues.
The outcomes of trade facilitation development have also contributed to improved regulations on business operation, facilitating the expansion of the business sector.
