Laos and Thailand held an economic and trade cooperation talk during the 24th Economic Community Council Meeting on 7 October in Vientiane Capital, aiming to reach a trade value of USD 11 billion by 2025.
To achieve the goal, the Lao delegation, led by Minister of Industry and Commerce Malaithong Kommasith, presented several initiatives to the Thai Minister of Commerce Pichai Naripthaphan, focusing on overcoming trade barriers.
A key concern addressed during the meeting was the need to reduce or eliminate non-tariff barriers that currently hinder the import of agricultural products from Laos to Thailand.
The discussion identified restrictive regulations and inconsistent import quotas on products such as corn, coffee, and vegetables as significant obstacles that need to be resolved.
The Lao Minister also highlighted the importance of aligning these policies with the ASEAN Trade in Goods Agreement (ATIGA) to facilitate smoother trade relations.
ATIGA, which was signed in 2010 by all ten ASEAN member states, serves as a legal framework to facilitate the free flow of goods within the region.
Additionally, the Lao government aims to support domestic products and reduce the trade deficit with Thailand by promoting the purchase of Lao goods. This initiative is expected to attract Thai investors to explore opportunities in Laos, particularly in the processing industry.
Laos’ effort to promote its local products was evident during the “Made in Laos 2024” fair, which took place from 30 September to 7 October in Vientiane Capital.
The event showcased local products and supported various business sectors, while promoting Lao entrepreneurs who produce goods both domestically and abroad. It emphasized high-quality, locally made products that can compete within the country and boost exports.
