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Businesses urged to prepare for WTO membership
As Laos moves ever closer to gaining World Trade Organisation (WTO) membership, local businesspeople are being encouraged to brush up on international trade rules.
The Lao National Chamber of Commerce and Industry teamed up with the International Trade Centre and WTO to hold a seminar titled ‘Making the most of WTO accession: services liberalisation and their business implications – lessons from other countries'.
The two-day seminar began yesterday at the Lao National Chamber of Commerce and Industry, attended by local businesspeople and relevant officials.
Chamber Vice President Oudet Souvannavong said Lao businesspeople, as well as officials, need to learn quickly about services liberalisation and the business implications of Laos becoming a member of the WTO.
“WTO membership can be both beneficial and disadvantageous. If we prepare well and act accordingly we can benefit from membership, but if we don't we can suffer.”
He explained that being a WTO member means Laos has to open up to foreign investors as well as give Lao businesses greater trade opportunities.
Mr Oudet said many Lao businesspeople don't fully understand the WTO issue. “Being a WTO member should not only affect trade but all sectors of society.”
“For example, the guesthouse business is currently the preserve of local businesspeople, but when we open up our services sector, foreign investors will be able to do just the same as locals. This means that if local businesses don't prepare ahead of accession, they might lose their competitive advantage,” he said.
“It is now very important that local businesspeople learn and understand more about international rules in order to be well prepared. When we are a WTO member, it is up to local businesses to make the most of new opportunities so that the whole country may benefit.”
“In addition to the workshop, business operators can come to the Chamber to get information on the WTO, as we have set up an information centre.”
“Some sectors, such as the garment industry and export businesses, are prepared for membership, but others are in need of much work.”
During the seminar, participants listened to trade officials from the Ministry of Industry and Commerce, WTO senior advisors and experts from Vietnam and Thailand as they shared their experiences on WTO issues.
Topics covered included WTO accession and its business implications, understanding services trade and the regulation of services trade under WTO/GATS, the General Agreement on Tariffs in Services, and the potential contribution of services liberalisation to the development of Laos.
The seminar also focused on the WTO accession progress, tourism and logistics services, as well as finance services using the financial sector reforms in Vietnam and Thailand as case studies.
The seminar is presided over by Senior Adviser on WTO Accession at the International Trade Centre Mr Arif Husain, Deputy Head of the Ministerial Office at the Ministry of Industry and Commerce Mr Sirisamphanh Vorachith, President of the Lao Handicrafts Association Ms Chanthao Pathammavong, and Mr Oudet.
Laos applied for WTO membership in 1997, a move that is believed will open up the country's economy and help to accelerate the economic reform process.
Most Asean countries are already members of the WTO and Laos is mainly trading with these countries.
The WTO has 153 members and covers 90 percent of world trade.
vientiane times
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