Thailand will step up cooperation with Lao PDR

BANGKOK, May 28 (TNA) -- Thailand's Ministry of Commerce will step up cooperation with Lao PDR next month through a number of measures with an aim to increase trade volume between the two countries by five billion dollars over the next five years. Among these measures, Commerce Minister Ms Apiradi Tantraporn said the two countries have agreed to use a combined commodity checkpoint system in order to screen commodity vehicles which pass through the two countries every day. This new system is expected to expedite movement of goods between Thailand and Laos and onto Vietnam and China. A Thai trade fair will be held in Lao next month to elevate trade cooperation between the two countries, build brand images for small and medium enterprises, increase market penetration, and develop new markets for organic products from Thailand. Lao officials also invite Thai investors to invest in Lao and enjoy the Generalized System of Preferences (GSP), a special duty privilege given by the US to developing countries. The two countries also agreed to develop a joint 5-year strategy to promote more private sector investment with an aim to increase trade volume from the current five billion dollars to ten billion dollars over the next five years. (TNA)