Government, Business People Discuss Opportunities Brought by WTO Membership | Lao Tribune

Government, Business People Discuss Opportunities Brought by WTO Membership

Officials from the Ministry of Industry and Commerce met with representatives of the business community in Vientiane Capital toshare experiences and discuss opportunities and challenges since Laos joined the WTO as a member.

The meeting was held in Vientiane Capital last Friday in the presence of the Vice Minister of Industry and Commerce, Mr Somchit Inthamith, and officials from the Ministry of Industry and Commerce and the private sector.

This meeting aimed to discuss trade facilitation, phyto-sanitary standards, standardization and metrology, and the implementation of National Single Window mechanism.

Over the past 15 years of negotiations for entry to the WTO, many major foreign companies have invested in the country.

Since the Lao PDR became a WTO member in early 2013, the number of goods exports from the country has increased from US$3.2 billion in 2012 to US$4.1 billion in 2015 with goods imported increasing from US$5.8 billion to US$6.5 billion, according to the minister.

The number of investments also increased from US$294 million in 2012 to US$721 million in 2014.

In an effort to meet WTO requirements, Laos has reviewed and improved regulations related to the WTO agreement on more than 90 issues, of which 26 pertain to laws and 18 to decrees.

The Ministry of Industry and Commerce also improved regulations to provide more facilities for business operations and attract investment.

Source: Lao News Agency