Commerce Minister Pichai Naripthaphan has pledged to strengthen bilateral relations between Thailand and Laos, in a bid to boost the value of bilateral trade to US$11 billion by next year.
Following bilateral discussions with Lao Industry and Commerce Minister Malaythong Kommasith, Mr Pichai said both countries agreed to strengthen bilateral economic and trade cooperation, particularly on cross-border trade cooperation, targeting bilateral trade value of $11 billion next year.
Thailand is a major trading partner of Laos, with the bilateral trade value tallying $7.63 billion in 2023.
Mr Pichai said he asked Mr Malaythong to expedite Lao agencies' reopening of four border checkpoints that have been closed since the pandemic to facilitate the transport of Thai products into Laos.
In terms of transit trade, Mr Pichai also asked Laos to facilitate the export of Thai products across the border to China and Vietnam via the R3A, R9, and R12 route and the Laos-China Railway.
Mr Pichai commended the Lao government for relaxing customs procedures, allowing trucks from Thailand to enter Laos for fruit shipments to China.
He asked Lao authorities to extend the eligibility period for licences that allow transport at all border checkpoints from 15 to 30 days.
The Lao government pledged to facilitate both cross-border and transit trade on all three routes, as well as to extend the period of the transport licence, according to Mr Pichai.
The meeting also pushed for the completion of Asean's Digital Economy Framework Agreement (DEFA) negotiations, aiming to reach the target of 50% of negotiations in 2024.
This initiative will enable micro, small and medium-sized Lao enterprises to have more access to e-commerce, which will help increase Laos' trade value.
Thailand will ask the Asean meeting to let Laos participate in supporting the DEFA negotiations.
Mr Pichai informed Mr Malaythong that Thailand is ready to support and assist Laos in handling the problem of cross-border dust, promoting the trade of agricultural products, and providing technical assistance with regard to sustainable agriculture.
Both nations stressed the importance of promoting the purchase of Lao products to help address the trade deficit and to encourage domestic production in Laos.
The meeting also covered preparations for the 8th Cooperation Plan Meeting between the Lao Ministry of Industry and Commerce and Thailand's Commerce Ministry, which is set to be hosted by Thailand.
The meeting underscored the importance of continued collaboration between the relevant departments of both countries, with a focus on identifying further opportunities to enhance trade and economic relations.
