PHNOM PENH: The second Cambodia-Laos Joint Trade Committee Meeting took place in Vientiane, Laos on Tuesday (Jan 28).
The two neighbouring nations have agreed on four key points which are expected to enhance bilateral trade and tourism cooperation.
During the forum, Sonexay Siphandone, Prime Minister of Laos, met with Cambodian Minister of Commerce Cham Nimul.
Following the meeting, Nimul announced that she expected diplomatic and trade relations to improve, with both sides committed to expanding bilateral trade to greater effectiveness.
A commerce ministry statement outlined the four strategies that were agreed on.
First, a review will be undertaken of potential areas for expanding bilateral trade, while mechanisms that will support this growth will be explored.
Third, annual provincial-level meetings to enhance trade and infrastructure development will also be considered.
Finally, investment and tourism exhibitions and forums will be planned.
The Laos leader expressed his support for the outcome of the meeting.
He encouraged the provincial administrations along the border area to continue enhancing their cooperation to boost trade and investment growth between the two countries.
Hong Vanak, an economic researcher at the Royal Academy of Cambodia, told The Post on Jan 29 that although Laos is a neighbour with long-standing diplomatic ties, trade remains relatively low when compared to that with Thailand and Vietnam.
He believed the reason was largely because both countries share similar industrial bases, particularly in agriculture and agro-industry. Additionally, tourism between the two nations remains low.
“As neighbouring countries with excellent relations, both Cambodia and Laos certainly have many opportunities to increase trade. Currently, the Cambodian government is also working to develop the infrastructure needed to promote border trade,” he added.
He noted that in addition to goods, Cambodia currently imports electricity from Laos.
The Ministry of Tourism reported that in the first 11 months of 2024, Cambodia welcomed 306,948 guests from Laos, a decrease of 7.2 percent compared to the same period in 2023.
Laos’ nationals ranked fourth among tourism sources, after Thailand, Vietnam, and China. - The Phnom Penh Post/ANN
