Laos Discusses Priority Actions in Trade and Trade-related Areas as Part of the Lao PDR’s Smooth LDC Transition
Vientiane, September 30, 2024 – The Department of Trade Negotiation and International Economic Cooperation, Ministry of Industry and Commerce (MOIC), with support from the United States through the U.S. Agency for International Development (USAID), today unveiled the priority actions in trade and trade-related areas (2024-2030) as part of the guidance for Lao PDR’s transition from least developed country (LDC) status. The event was chaired by Dr. Manothong Vongsay, Vice Minister of Industry and Commerce, and Ms. Heather Variava, U.S. Ambassador to the Lao PDR. Approximately 50 public and private sector representatives attended the event.
Vice Minister Dr. Vongsay emphasized the importance of proactive preparation: “LDC graduation is a testament to our progress, but it also brings challenges. This roadmap ensures we’re ready to navigate the changes ahead, particularly in trade and investment.”
The “Guidance for Lao PDR’s Smooth LDC Transition: Priority Action in Trade and Trade Related Areas” outlines concrete actions to strengthen the economy, diversify exports, and attract investment. It focuses on building resilience and ensuring a sustainable path forward as the Lao PDR graduates in 2026. The document proposes an operational roadmap for stakeholders to prepare for the LDC transition in trade and related areas. It focuses on feasible actions aligned with the Lao PDR’s development goals, aiming to increase exports, attract foreign investment, and improve trade relations. Ultimately, the goal is to pave the way for a more resilient and prosperous future by diversifying the economy and promoting sustainable development.
Ambassador Variava congratulated the Ministry and the Government of Lao PDR on this important milestone and drew attention to the significance of this transition, stating, “The Lao PDR’s LDC graduation will be a significant milestone, symbolizing the country’s economic development, social advancement, and institutional strengthening. To ensure a smooth transition, the Lao PDR must continue its reform efforts, diversify its economy, and build resilience to external shocks.”
USAID, through its Laos Business Environment project, provided technical assistance to MOIC in developing this Guidance document.
The USAID has collaborated closely with MOIC to facilitate trade and foster a more conducive environment for investment, trade, and the competitiveness of small and medium-sized enterprises. This partnership has led to the development and amendment of several regulations and procedures, including the enhancement of systems and platforms, further demonstrating the U.S. government’s commitment to supporting the Lao PDR’s economic growth and successful transition.
