Vietnam, Laos clinch new trade pact

Vietnam and Laos have solidified their economic partnership through the signing of a new trade agreement aimed at bolstering bilateral trade relations.

The agreement was reached during a Laos visit by a Vietnamese Ministry of Industry and Trade delegation on April 8, led by Minister Nguyen Hong Dien. Discussions were held with Laos’ counterparts, led by Minister Malaithong Kommasith, culminating in the signing of the accord, reported the Vietnam News Agency.

The new pact will streamline import and export cooperation between the two nations, fostering greater trade growth.

The agreement outlines a series of measures to facilitate trade, promote business connectivity, upgrade border trade infrastructure, and optimize industrial zones and economic border areas.

Comprising five chapters, including 15 articles and five appendices, the Vietnam-Laos trade agreement addresses various facets of trade collaboration, including market access, trade facilitation, e-commerce promotion, and joint efforts to combat smuggling and trade fraud.

The pact, expected to address lingering issues from the 2015 trade agreement, sets the stage for more seamless and mutually beneficial trade relations.

(Source: https://english.thesaigontimes.vn/)