- Business

Laos, China’s Yunnan seek stronger trade cooperation

The Lao National Chamber of Commerce and Industry (LNCCI) held a meeting with the Department of Commerce of Yunnan Province, China to discuss promotion of trade and economic cooperation between Laos and China’s Yunnan Province in Vientiane on Feb 21.

The meeting was attended by LNCCI President Udeth Suvanavong, Director General of the Commerce Department of Yunnan Province Li Chenyang, and delegations of both sides.

This meeting provided the opportunity for 31 Chinese companies in international trade and investment, processing and construction industries and services to explore the partnership opportunities with Lao counterparts thus contributing to the implementation of the framework of economic-trade cooperation and investment along the Lao-China Economic Corridor.

China is the second largest trade partner of the Lao PDR. The bilateral trade between the two neighbours between 2018 and 2022 reached 15.9 billion dollars, an average increase of 15.63% per year.

The Lao National Chamber of Commerce and Industry is the leading and largest business organization in the Lao PDR, which has more than 1,000 member companies across the country.

Laos-China trade cooperation is mainly limited to border trade, especially between Laos and Yunnan Province, which is regulated by the ASEAN-China Free Trade Agreement, the Asia-Pacific Trade Agreement and the RCEP Agreement.

The main Chinese goods imported by the Lao PDR in 2022 included machinery, electrical appliances and equipment, car parts, steel. Meanwhile, mixed gold, gold bars, bananas, gold ores, iron ores, wood and furniture products, paper and paper products, fertilizers, latex, and fruits (melons, passion fruits, tamarinds) were exported to China.

Source: Lao News Agency