Laos and Thailand are set to strengthen the trading, following an agreement in February that includes improving infrastructure, improving transportation, and academic cooperation. The plan aims to reach a trade revenue of USD 11 billion by 2027.
Both countries have committed to expanding active trade while accelerating the growth of goods and services exchanges.
This includes improving cross-border and transit trade to make the movement of goods and people more efficient, as well as facilitating commerce, transportation, and tourism.
Key improvements focus on making tourism more efficient and mutually beneficial while supporting infrastructure development. The plan also aims to provide more convenient transportation across the Lao-Thai border, reducing travel time and improving overall efficiency.
Additional priorities include encouraging investment in special economic zones and accelerating the development of roads, railways, and bridges, including new friendship and railway bridges. The plan also promotes the use of local currencies in trade to simplify transactions and reduce reliance on foreign currency.
To ensure progress and achieve the goals, both countries have planned a parallel private sector meeting, providing businesses with an opportunity to exchange perspectives on economic and bilateral development.