The Vietnamese Government has ratified a trade agreement with Laos, inked on March 3 this year.
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Coconut meat is prepared to be processed |
The agreement was signed between the Vietnamese Ministry of Industry and Trade (MOIT) and Lao Ministry of Industry and Commerce (MOIC) in Laos, replacing the 1998 Trade Agreement between the two nations.
The new agreement, comprising six chapters and 16 articles, will come in effect once both sides exchange diplomatic notes expressing their consent and confirming the completion of all necessary procedures.
Under the agreement, Vietnam and Laos will eliminate tariffs imposed on 95 percent of the commodities originating from each country. The two sides also agreed on Vietnam’s new preferential tax rates for several special goods from Laos.
The bilateral trade agreement is expected to open up more opportunities for trade cooperation and strengthen the traditional ties between Vietnam and Laos./.