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Laos Edges Closer to WTO Membership |
| Source: |
laovoices.com |
| Source Date: |
Friday, July 15, 2011 |
| Focus: |
ICT for MDGs
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| Country: |
Lao People's Democratic Republic |
| Created: |
Jul 19, 2011 |
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Laos has taken another step towards its goal of becoming a World Trade Organisation (WTO) member.
The 7th session of the working party of accession of Laos to the WTO was held on June 29 at the WTO headquarters in Switzerland and chaired by Dr Zhang Xiangchen, Vice Chinese permanent representative to the WTO. The Lao delegation was led by Minister of Industry and Commerce Dr Nam Vinhaket.
At the meeting WTO members expressed support for Laos to become a WTO member as soon as possible under the global trade body’s policy for least developed countries.
Australia, China, the European Union and the US confirmed their continuing support for Laos’ membership bid through technical assistance and called on other development partners to help Laos to further integrate in the region and internationally.
Dr Nam said at the meeting that Laos continues to impro ve laws and regulations to comply with international standards, encourage market mechanisms, contribute to the nation’s social and economic development, and improve the regional and international integration of Laos.
Regulatory improvements include foreign currency management, investment promotion, import-export management, tax and tariff law improvements, and improved regulations on non-tariff obstructions.
Some WTO member countries have encouraged Laos to focus more on intellectual property rights, which often fail to meet WTO standards, and other areas that need strengthening.
On June 24, Laos signed a bilateral trade agreement with Australia. So far, Laos has signed bilateral agreements with China, Japan, Republic of Korea and Canada, and is currently in negotiations with the EU, the US and Ukraine.
WTO membership is considered crucial to integrating the Lao economy into the international economy. The government hopes WTO membership will contribute to its socio-economic development plans and facilitate poverty reduction efforts.
Laos applied for WTO membership in 1997. It is believed that membership will help to open up the country’s economy and accelerate the economic reform process.
Most Asean member countries are already members of the WTO and Laos mainly trades with these countries.
According to statistics presented at previous seminars, the WTO currently has 153 member states and covers 90 percent of world trade.
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