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RCEP forum paves way for closer economic links between Laos and regional partners
Anhui province, China: Laos will see more benefit from economic cooperation with China and Regional Comprehensive Economic Partnership (RCEP) member countries following the 2023 RCEP Local Governments and Friendship Cities Cooperation (Huangshan) Forum, held here on Friday.
Cooperation will also be enhanced in industrial and supply chains to private companies, especially micro, small and medium-sized enterprises in Laos and RCEP member countries, Vice President of the Lao Front for National Development, Mr Chanthavong Seneamatmontry, who headed the Lao delegation at the forum, told the Vientiane Times.
The theme of the forum was “Deepening Regional Cooperation Partnering for a Win-win Future”.
Some 500 representatives of Chinese and foreign enterprises, local governments and “friendship” cities gathered to discuss new opportunities for RCEP economic and trade cooperation and seek new forms of mutual benefit and development.
Participants discussed the need to deepen exchanges between governments, with the aim of strengthening trade, cultural links and tourism, industry, public health, and medical care.
The aim of the partnership is to enhance mutual understanding between RCEP member countries, explore potential business opportunities and foster mutually beneficial cooperation between the RCEP countries, Mr Chanthavong said at the opening ceremony.
The Regional Comprehensive Economic Partnership is a comprehensive free trade agreement enabling implementation between the 10 Asean Member States and Asean Free Trade Agreement partners, and symbolises the establishment of a free trade agreement among 15 nations.
RCEP includes chapters covering trade in goods, trade in services, investment, and economic and technical cooperation, and creates new rules for electronic commerce, intellectual property, government procurement, competition, and small and medium sized enterprises.
Local governments and friendship cities in RCEP member countries should further promote the integration of industrial chains and supply chains, strengthen the convenience and efficiency of trade and investment among regions, and explore more international economic and trade opportunities among local governments, industries and enterprises, the Governor of Anhui province, Wang Qingxian, said.
“RCEP’s scale and foundation determine that its influence will be global, inclusive and open,” he added.
Mr Wang also said local governments and friendship cities in RCEP member countries should make better use of the role played by effective markets and responsible governments to seize such opportunities.
Sectors for potential cooperation, he said, include the new generation of information technology, artificial intelligence, new materials, new energy vehicles, high-end equipment manufacturing, smart home appliances, and medical and healthcare.
Last year, trade between China and other RCEP members increased by 7.5 percent year-on-year to 12.95 trillion yuan (US$1.82 trillion), and RCEP investment in China climbed 23.1 percent to US$23.53 billion, data from China’s Ministry of Commerce showed.
During the forum, a top government official from Attapeu province in Laos signed an agreement on the Establishment of a Friendship Province Relationship Agreement with the Anhui provincial government.
Anhui province’s government and private companies also signed cooperation agreements with the governments and enterprises of RCEP member countries in order to boost cooperation in trade, investment, tourism, agriculture, health, education, and technologies.
The forum was hosted by the Chinese People’s Association for Friendship with Foreign Countries and the Anhui provincial People’s Government, with the China-Asean Centre as a supporting unit.
Source: https://www.vientianetimes.org.la/freeContent/FreeConten113_RCEPforum_y23.php