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Laos - Latest News/Current Events, Economic Overview & Trade Relations

AEI | Quick Facts about Laos

Official Name Lao People's Democratic Republic
Capital Vientiane
Location Southeastern Asia, northeast of Thailand, west of Vietnam
Area total: 236,800 sq km land: 230,800 sq km water: 6,000 sq km
Climate tropical monsoon; rainy season (May to November); dry season (December to April)
Terrain mostly rugged mountains; some plains and plateaus
Laos
Laos

Laos Government Draws Up Master Plan To Develop Mass Media

The Lao Government has developed its master plan to develop the country's mass media.

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Laos

ADB Grants $20 Million For Laos Sustainable Natural Resource Management Project

The Asian Development Bank (ADB) will provide US$20 million in grant aid to the Sustainable Natural Resource Management and Productivity Enhancement Project.

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Laos

Laos: Trade With Vietnam To Reach $1 Billion by 2010

The Lao government is expecting the trade between Laos and Vietnam to increase from $423 million in 2008 to $1 billion by 2010 after the two countries signed a new agreement on cross-border procedures in Vientiane last week.

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Laos

Laos: World Tourism Authority Gives $24,000 To Xekong Province

The World Tourism Authority gave $24,000 for the construction of a tourist village in Kandone village, Thataeng district, Xekong province.

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Laos

Laos: MOF To Tap Into Singapore Expertise In Public Finance Modernisation

The Singapore Cooperation Enterprise (SCE) and the World Bank recently signed a Memorandum of Understanding to provide technical assistance to the Lao Ministry of Finance (MOF).

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Laos

Laos: Minimum Wage Rises By 20%

The government has increased the minimum wage for workers by 20 percent, from 290,000 kip to 348,000 kip.

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Trade Agreements

ASEAN - China Free Trade Area

The ASEAN - China Free Trade Agreement will apply in an area involving 1.7 billion consumers, making it the world's largest trading area. The agreement currently establishes a zero-tariff market. The agreement now contains trade in goods, services and dispute settlement. Investment is still under negotiation.

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ASEAN - Korea Free Trade Area

Under the ASEAN- Korea Free Trade Agreement, Korean businesses will gain access to the ASEAN market, which contains nearly 500 million people. The agreement contains trade in goods and tariffs will be either eliminated or reduced on Korean products. http://www.aseansec.org/18063.htm

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ASEAN Free Trade Area

Initiated in 1992, ASEAN Free Trade Area (AFTA) main mechanism used to reduce tariffs in ASEAN. It originally contained six members (Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand) the other four members (Vietnam -1995, Laos -1997, Myanmar-1997 and Cambodia-1999) joined after the original agreement was signed. In order to join ASEAN, they had to agree to AFTA. The overall objective of AFTA is to encourage more foreign investment to ASEAN and establish ASEAN as a world competitor by eliminating both tariff and non-tariff barriers within ASEAN. Over the next 15 years, ASEAN agreed to reduce tariffs 0-5%. http://www.aseansec.org/19346.htm

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Trade and Investment Framework Arrangement between the United States of America and the Association of Southeast Asian Nations

The Enhanced partnership between ASEAN and the United States will increase cooperation and understanding in the areas of politics, economics and safety.  EAI, Enterprise ASEAN Initiative, will strengthen economic cooperation and will allow and increase of trade and investment between both parties.  Both sides have also vowed to work together on various projects in the development arena including, fighting infectious disease and disaster relief. http://www.ustr.gov/assets/Trade_Agreements/TIFA/asset_upload_file932_9760.pdf

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Trade Organizations

ASEAN Plus 3

Forum as a coordinator of cooperation between ASEAN and China, Japan and South Korea.

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Asia Cooperation Dialogue (ACD)

The Asia Cooperation Dialogue (ACD) is an International Organization to promote Asian cooperation at a continental level, helping to integrate the previously separate regional organizations of political or economical cooperation such as ASEAN, SAARC

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Association of Southeast Asian Nations (ASEAN)

Association of Southeast Asian Nations, commonly referred to as ASEAN, is a geo-political and economic organization of 10 countries located in Southeast Asia, which was formed on August 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand. Its aims include the acceleration of economic growth, social progress, cultural development among its members, and the promotion of regional peace.

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Ayeywady-Chao Phraya-Mekong Economic Strategy

The Ayeywady-Chao Phraya-Mekong Economic Strategy (ACMECS)was formed as a political, economic and cultural organization. The ACMECS places an emphasis on using self help and partnership to achieve sustainable development, including poverrty reduction, in line with the UN Millennium Development Goals.

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East Asia Summit (EAS)

The East Asia Summit (EAS) is a Pan-Asia forum of 16 countries in East Asia, with ASEAN in a leadership position.

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