Laos and Cambodia jointly held the 3rd Border Peace and Friendship Conference to discuss cooperation agreements and emphasize unity, trade, and cultural exchange along the border in Champasack Province, Laos on 3 October.
The Lao delegation was led by Khamlay Sipaseuth, Member of The Central Committee of the Lao People’s Revolutionary Party, while the Cambodian delegation was led by Nhem Valy, Permanent Vice Chairman and Secretary General of the National Council of the Solidarity for the Development of Cambodian Motherland.
During the conference, both parties signed a joint statement and committed to continuing to enhance work on several key issues, ranging from promoting education around Lao-Cambodian relations, enhancing political cooperation, and exchanging high-ranking, to increased cooperation in tourism industries.
Both nations also agreed to promote and strengthen unity in the realm of religion, in which the majority of both nations are Buddhist, among border regions.
Laos and Cambodia established diplomatic relations in 1956, but the neighboring nations have seen a surge in cooperation in the past years, as leaders from both countries continue to sign agreements on cooperation, particularly in combating crimes.
In June this year, Lao and Cambodian State Inspection Authorities met in Cambodia to share experiences in tackling corruption, and to express their mutual commitment to anti-corruption cooperation.
Furthermore, Laos and Cambodia have also been collaborating in the financial sector, discussing topics related to macroeconomics, monetary policy implementation, economic development, foreign exchange management policy, banking sector development, and personnel training, with a focus on digitally connecting the payment systems between Laos and Cambodia.
To this effect, Laos and Cambodia launched a cross-border payment system (KHQR scan LAOQR), which allows users to pay for goods and services in Laos and Cambodia using the local currencies, Lao kip and Khmer riel, via QR code. The cross-border payment system is facilitated by LAPNet Company and ACLEDA Bank of Cambodia.
The LAOQR scan KHQR system, which will allow Lao tourists to pay for goods and services in Cambodia, is expected to be launched in the fourth quarter of 2023.