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Asean, S. Korea eye growing trade
Since 2008, Asean-Korea trade has been steadily increasing and the Republic of Korea has become Asean's third largest trading partner among development partners, with total investments in Laos rising to about US$556 million.
“The main products exported from Laos to Korea are minerals (copper), industrial products, textiles, white and black charcoal and wood products,” Director General of the Foreign Trade Policy Department of the Ministry of Industry and Commerce Mr Bounsom Phommavihane said, speaking at the Asean-Korea Free Trade Area (AKFTA) seminar in Vientiane yesterday.
Goods imported from Korea include vehicles and spare parts, medicines and electrical and electronic appliances.
Mr Bounsom said the AKFTA is an important instrument enhancing the market access of Asean products into Korea through tariff reduction and elimination.
This includes elimination of non-tariff barriers for the export of Asean goods to Korea. It is seeking better market access for the export of Asean services, and also reduces and minimises the procedures required for exports and imports.
Mr Bounsom said the AKFTA helps Asean to narrow the development gap between Asean 6 and Asean 4 through the implementation of various cooperation projects.
In Laos it helps to develop internal laws, regulations and capacity building in the public and private sectors, in preparation for meaningful and fruitful economic integration .
The seminar will create more opportunities for Laos and Korea to exchange ideas on how to further cooperation and enhance trade activities. In particular, the private sector in Laos will clearly understand the rules and regulations of the AKFTA, he added.
“It will also promote domestic and foreign investment in Laos, which will contribute to the implementation of the national socio-economic development plan, and will move Laos closer to graduating from Least Developed Country status by 2020,” Mr Bounsom said.
He said he hoped Laos and Korea will benefit under the Asean-AKFTA and continue to work together to meet the needs of the growing population.
The Asean Free Trade Area was launched in 1993 with the objective of removing tariffs and non-tariff barriers, increasing and expanding trade between Asean and Korea, improving the competitiveness of Asean and removing all quantitative restrictions, according to a report from the Ministry of Industry and Commerce.
It will also accelerate economic growth, promote regional peace and stability, promote active collaboration and mutual assistance in the economic, social and cultural fields, enable more effective collaboration, and maintain close and beneficial cooperation
vientiane times
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