VN, Laos sign new Trade Agreement

VGP – Vietnamese Minister of Industry and Trade Vu Huy Hoang and his Lao counterpart Khemmani Pholsena on March 3 in Vientiane signed a bilateral Trade Agreement to replace the Trade Agreement inked in 1998.

March 04, 2015 10:19 AM GMT+7

Photo:moit.gov.vn

The new Agreement, including six chapters and 16 articles, will officially take effect after the two nations complete the necessary international procedures.

Accordingly, Viet Nam and Laos will eliminate tariff for more than 95% of the commodities made from the two nations.

Besides, the two sides were unanimous that preferential import tariffs that Viet Nam offers to some special goods from Laos will be considered in the border trade agreement in 2015.

The Agreement not only creates a legal foundation and more opportunities for cooperation in trading and services but also contributes to accelerating the two nations’ relationship in the future.

Speaking at the ceremony, Lao Deputy PM Somsavat Lengsavat asserted that the signing of the Agreement aims to implement the directions of the two sides’ leaders and the 37^th meeting of Viet Nam-Laos Inter-governmental Committee.

By Thuy Dung