- Business

MOIC, ITC increase awareness of Trade in Services Agreements in Laos

The service sector plays a crucial role in production and consumption aspects and is a dominant source of value across most economic activities. Services also play the role of enablers of other sectors to move up the value chain, as well as an avenue for export diversification and growth, such as the tourism industry.
Strengthening the capacity and increasing the understanding of trade negotiators from relevant sectors involved in Trade in Services negotiation is essential. Especially to comply with several commitments that the Lao PDR undertakes under other trade agreements such as the World Trade Organisation’s (WTO), the ASEAN Signs Trade in Services Agreement (ATISA), the Regional Comprehensive Economic Partnership (RCEP).
Therefore, with the support of the ARISE Plus project, the Department of Foreign Trade Policy (DFTP) of the Ministry of Industry and Commerce (MoIC) hosted a training on “Strengthening the capacity of trade negotiators and implementation of Trade in Services Agreements of the Lao PDR” from Nov 1 and 2, 2022 in Vientiane.
The two-day comprehensive training covered a wide range of topics and discussions. It included Understanding trade in services; Principles in multilateral and regional agreements relating to services trade; domestic regulation on services; Complying with regional commitments, among other relevant topics. Similarly, the increased understanding and enhanced capacity will contribute to implementing Trade in Services commitments in a systematically and effective manner during and after the negotiations.
“As we see the importance and value of this training, at DFTP, we work closely with the European Union-funded Arise Plus Lao PDR project to organise this training. Hopefully, all the participants will apply and adapt the knowledge and lessons from this training to their work effectively,” said Mr Itthilith Ngangnouvong, Deputy General Director of DFTP.
The training was supported by the European Union-funded Arise Plus Lao PDR project. The project aims to contribute to the recovery of the Lao economy by supporting the capacity building of trade officials, enabling the public sector to develop and implement key policy instruments while equipping the private sector with skills to produce high-value-added, export-oriented products.

Source: Lao News Agency