VIENTIANE, Feb. 6 (Xinhua) -- Laos is accelerating the development of cross-border paperless trade to strengthen trade facilitation, promote trade, and enhance regional integration.
The Department of Foreign Trade under the Lao Ministry of Industry and Commerce held a seminar on "Advancing Cross-Border Paperless Trade" in Lao capital Vientiane on Thursday, aimed at reviewing progress and addressing challenges in implementing the World Trade Organization's Trade Facilitation Agreement (WTO-TFA) while promoting modern cross-border trade.
The seminar also presented the results of Laos' cross-border paperless trade readiness assessment and aimed to enhance stakeholders' understanding of the importance, scope, and benefits of modern cross-border paperless trade, as well as the Framework Agreement on Facilitation of Cross-Border Paperless Trade in Asia and the Pacific (CPTA), according to a report from the Ministry of Industry and Commerce on Friday.
Speaking at the meeting, Director General of the Department of Foreign Trade, Kingsadone Phetdaoheuang, expressed appreciation to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) for its continued technical support and close cooperation in promoting paperless trade, highlighting the shared commitment to strengthening trade facilitation and regional integration.
Since ratifying the WTO-TFA in September 2015, Laos has made significant progress, including the establishment of the Trade Facilitation Committee, adoption of a Trade Facilitation Action Plan, and enactment of related laws. These efforts have helped improve trade procedures, reduce time and costs, enhance transparency, and increase efficiency at border crossings.
Laos had been expected to achieve 100 percent implementation of the WTO-TFA by January 2026. However, additional support from development partners is still needed to fully or partially implement certain measures, said the report. ■