The two sides expect to set up a special working group that will team up with personnel from both sides in the hope of bridging gaps with the governments of Laos and Thailand.

This plan was agreed to in principle by representatives of the Lao National Chamber of Commerce and Industry (LNCCI), the Thai-Lao Business Council (TLBC) and the Thai Business Association of the Lao PDR (TBAL) at a meeting held in Vientiane on Tuesday.

TLBC Chairman Mr Jaturong Bunnag led the Thai delegation at the meeting with the board members of the LNCCI led by its Executive Vice President, Mr Daovone Phachanthavong.

Several unresolved issues were discussed but conclusions couldn’t be reached even though most of the issues had been touched on at past meetings organised by the two sides.

These unresolved issues include foreign currency exchange rates, the sale of maize to Thailand, the profit tax rate, and several tariff barriers.

Participants from both sides agreed to hold regular meetings and jointly outline a plan to set up a working unit to liaise with the governments of Laos and Thailand and inform them about issues that need to be resolved urgently.

The need for closer collaboration became apparent when both sides realized that Lao and Thai businesses were struggling with a number of long-standing unresolved issues.

They believe that when these issues are properly addressed by the Lao and Thai governments, the volume of bilateral trade and investment will increase in the years to come. 

In the first quarter of 2018 alone, the combined value of Laos’ imports and exports with Thailand stood at US$1,210 million. Thailand continues to be Laos’ top trade and investment partner among the Asean states, according to figures from the Ministry of Industry and Commerce.

Major exports from Laos to Thailand include electricity, copper, tobacco, vegetables and minerals. Laos imports fuel, vehicles, electronic items and machinery from Thailand.

In the past few years, the two countries have been working hard to increase combined trade and investment volumes.

In a keynote address at the recent Top Thai Brands 2019 Fair, the Deputy Minister of Industry and Commerce, Mr Phanthong Phitthoumma, said the governments of Laos and Thailand had made a strong commitment to increase bilateral trade over the next five years.

“Laos and Thailand have committed to increase bilateral trade volume by 10 to 15 percent annually and the two governments expect to meet the trade target of US$12 billion in 2021,” he said, adding that the target was quite challenging but trade and investment promotion was a priority.

Source: http://annx.asianews.network/content/lao-thai-businesses-seek-bolster-trade-investment-100827