Asean member countries need to work together to align their various procedures to enable easier trading within the 10-member bloc, Minister of Industry and Commerce Khemmani Pholsena stated on Tuesday.
Khemmani Pholsena noted at a press conference at the Lao National Television Station that standards concerning goods produced and traded by member countries currently vary across nations.
“We have had agreements (on trade), but trade facilitation involves many aspects that need to be worked out,” she emphasised.
For instance, Asean member countries have different standards that exported and imported goods must meet to gain market access within the bloc after the Asean leaders announced the establishment of a single market and production base.
Khemmani said Asean needs to decide on uniform standards that are acceptable to all countries to enable the freer flow of goods and capital in the region.
She also stressed the need for Asean to improve the business environment, so that it is more conducive to competition.
“To do so, each Asean member country needs to improve its legislation. The Lao PDR is speeding up the amendment of the Investment Promotion Law,” she said.
To facilitate trade and investment in the region, Asean economic ministers attending their 48th meeting in Vientiane last month launched the Asean Solutions for Investments, Services and Trade. The initiative is an internet-based and business-friendly facility that receives and responds to complaints submitted by Asean-based businesses.
The ministers also launched the Asean Tariff Finder that is a new practical tool for businesses, particularly micro, small and medium enterprises.
This takes the form of a no-cost online search engine to obtain up-to-date facts on tariff-related information applied by Asean member states and their Free Trade Agreement Partners under the various Asean+1 Free Trade Areas.
Khemmani said the Asean is committed to doing whatever is necessary to standardise legislation and streamline procedures to ease the processing of investment licences and to enable smooth business operations and the fleer flow of goods.
It was reported that the Asean central bank officials recently met in Vientiane to discuss ways to deepen cooperation in payment linkages to facilitate trade and investment in the region.
Khemmani also said Laos would draw up a Law on Special Economic Zones to facilitate cooperation in this area with other countries.
Trade facilitation and Special Economic Zones are among the eight priority deliverables under Laos' Asean Chairmanship 2016.
Economists say that Asean, a region of 620 million consumers, has growing economic and strategic importance, as it has rich natural resources and an emerging middle class that provides huge investment opportunities.
Statistics reveal that Asean’s economy is projected to grow by 4.5 per cent in 2016 and by 4.8 per cent in 2017, supported by strong private and public consumption and improved efficiency in infrastructure.
Total merchandise trade in Asean reached $2.28 trillion in 2015, of which 24 per cent comprised intra-Asean trade, highlighting the continuing development of regional production networks.
Source: http://www.asianews.network
Key words : Additional steps needed, to facilitate Asean trade, Lao minister.
