Viet Nam, Laos sign new trade agreement
Minister of Industry and Trade Nguyen Hong Dien and Lao Minister of Industry and Commerce Malaithong Kommasith signed Viet Nam-Laos trade agreement in Vientiane, Laos, on April 8.
Minister of Industry and Trade Nguyen Hong Dien and Lao Minister of Industry and Commerce Malaithong Kommasith sign a new Viet Nam-Laos trade agreement, Vientiane, Laos, April 8, 2024 - Photo: VNA
The agreement includes five chapters, covering important issues in trade cooperation between the two countries, including regulations on market access for goods and services; trade facilitation; trade promotion and e-commerce applications; and cooperation against smuggling, trade fraud, money laundering and illegal cross-border transportation.
On the occasion, the two ministers witnessed the signing of a Memorandum of Understanding (MoU) between the General Department of Market Surveillance (GDMS) and the Department of Business Competition and Trade Inspection under the Lao Ministry of Industry and Commerce, and another MoU between the GP Holdings–the National Research Institute of Mechanical Engineering and Phonesack Group on building warehouses and conveyor belts for coal transportation.
During the talks between the two ministers held on the same day, the two ministers pledged to enhance connectivity between their businesses; and step up cooperation in developing Viet Nam-Laos border trade infrastructure.
They also stressed the need to maximize the efficiency of existing industrial parks and border gate economic zones in the border areas.
Trade between the two countries hit US$417.8 million in the first three months of this year, down 1.8 per cent annually./.
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