Vientiane, Feb 26 (Prensa Latina)
Two years before the establishment of
the economic community of the Association of Southeast Asian Nations (ASEAN),
Laos, the most vulnerable of its members, is working to adjust to the
requirements of a future regional open market.
For one of the poorest countries
in the world, it is a matter of reducing the gaps in development with the other
ten members of the bloc, one of the most acute problems in the process of
integration.
The countdown has just started
and Lao has to comply with the strong commitment to reducing import tariffs, in
addition to other similar obligations resulting from its recent incorporation
into the World Trade Organization (WTO).
Government authorities and
experts are working on how to participate actively in a market of 600 million
consumers and, at the same time, meet the demands from six million Lao citizens
without unbalancing the fragile domestic economy.
According to the Ministry of
Industry and Commerce, until December 2012, the country had identified 7,252
import items with flexible tariffs, accounting for 79 percent of imports. The
remaining 21 percent must enjoy similar conditions by 2015.
The same reductions must be
applied to products from China, India, Japan, South Korea, Australia and New
Zealand, as ASEAN partners, by 2020.
However, some products such as
fuel are too sensitive to keep supplying stable revenues to the State, so the
government seems to be inclined to ask for a postponement or to introduce
domestic value-added taxes.
The Ministry of Industry and
Commerce called on businesspeople to boost productivity and efficiency to face
strong competition, particularly in such sectors as cement, steel, motorcycle
assembly and plastic, in order to reduce costs.
Otherwise, Lao runs the risk to
be excluded from business in the region after the customs barriers disappear in
the ASEAN community, government officials said.
Business & Investment Opportunities
Saigon Business Corporation Pte Ltd (SBC) is incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Strategy, Investment and Management, focusing Health care and Life Science with expertise in ASEAN 's area. We are currently changing the platform of www.yourvietnamexpert.com, if any request, please, contact directly Dr Christian SIODMAK, business strategist, owner and CEO of SBC at christian.siodmak@gmail.com. Many thanks.
No comments:
Post a Comment