Lao PDR Streamlines Trade with Time Release Studies
Located in Southeast Asia, Lao PDR is poised to become a major trade hub, especially with the Laos-China Railway boosting regional connectivity. Efficient customs clearance is key, and Lao PDR takes this seriously.
Since joining the WTO in 2013, Department of Import and Export (the former name, it is currently renamed as the Department of Foreign Trade), Ministry of Industry and Commerce together with Lao Customs Department, Ministry of Finance conducted frequent Time Release Studies (TRS) to identify and address bottlenecks. These studies measure the time taken for customs clearance and permit issuance by different government agencies.
The latest TRS in 2022 covered 14 checkpoints and involved 7 regulatory bodies. Conducted during the post-pandemic economic recovery, it focused on:
- Border clearance times
- Permit and certificate issuance times
The goal? To streamline trade processes and make Lao PDR a more attractive destination for businesses. This aligns with their national trade facilitation goals and international commitments.
The TRS findings and recommendations provide valuable insights for further improvements. This will ultimately benefit businesses by:
- Reducing clearance times
- Simplifying permit processes
- Saving time and money
Read the TRS findings and recommendations from the full report here:
https://www.laotradeportal.gov.la/upload/files/pub_20240116040225.pdf
The Time Release Studies supported by the Lao PDR Competitiveness and Trade project (LCTP), which is implemented by the Ministry of Industry and Commerce, with technical and financial support from the World Bank and additional financial contributions from Australia, Ireland, and the United States. The project aims to eliminate barriers to private sector-led growth by improving the regulatory environment, lowering trade costs and raising firm-level competitiveness.
