Cambodia, Laos to upgrade trade, investment ties
Cambodia, Laos to upgrade trade, investment ties
After the recent withdrawal from the development pact known as the Cambodia-Laos-Vietnam Development Triangle Area (CLV-DTA), the Royal Government of Cambodia (RGC) shifted its stance to promote bilateral cooperation with the Lao People’s Democratic Republic (PDR) including the removal of double taxation, trade, tourism and energy sectors.
On the sidelines of the 44th & 45th ASEAN Summits and related summits themed ASEAN: Enhancing Connectivity and Resilience, Prime Minister Hun Manet and Sonexay Siphandone, Prime Minister of Lao PDR discussed ways to enhance the ‘Comprehensive and Long-Term Strategic Partnership’ in Vientiane, Lao PDR on October 8.
Sok Chenda Sophea, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation (MAFIC) and Cham Nimul, Minister of Commerce, were present on the occasion.
During the meeting, the Cambodian and Laos high-level delegations examined the possibility of strengthening and expanding bilateral cooperation in priority sectors including trade, investment, tourism, finance, energy, education, infrastructure, politics, defence and security.
Prime Minister Siphandone hailed the achievement of RGC in improving the lives of Cambodian citizens and enhancing its prestige on the regional and international stage.
Mr Hun Manet expressed gratitude for the warm welcome and underlined his support for mechanisms and strategies of the ASEAN under the chairmanship of Lao PDR.
Both leaders expressed satisfaction, placing high value on the progress in advancing relations and cooperation between the two neighbouring countries.
According to the MFAIC press release, Mr Hun Manet and Mr Sonexay Siphandone agreed to finalise the agreement for the ‘Elimination of Double Taxation’ with respect to ‘Taxes on Income and the Prevention of Tax Evasion and Avoidance’ to be signed at the earliest convenience.
They expressed a joint desire to convince the 15th meeting of the ‘Cambodia-Laos Joint Commission’ for bilateral cooperation shortly, the statement stated.
On trade and tourism, the two sides discussed ways to increase bilateral trade to its full potential by reactivating the Joint Trade Committee meetings. They agreed to enhance border infrastructure connectivity to facilitate trade and tourists.
For energy cooperation, both sides stressed the importance of energy security and electricity infrastructure to expanding green energy supplies and the region to contribute to realising the ASEAN Power Grid.
Responding to an inquiry from Khmer Times about the connection between Cambodia-Lao bilateral cooperation and China’s Belt and Road Initiative (BRI), Chey Tech, a socio-economic researcher said, “This cooperation is indeed part of the BRI, aiming to connect both countries through transportation networks, trade routes, and broader economic collaboration.”
He said that the two good neighbouring countries have the potential to strengthen their partnership to foster overall development, stability and prosperity. “Key areas for cooperation could include joint projects in transportation, energy, telecommunications, education and even the development of shared tourism packages,” Tech added.
