As the Southeast Asian region strengthens as a world market component, another entrant emerges: Laos. After 15 years of negotiations with the World Trade Organization (WTO), the nation has enacted over 90 laws and regulations to gain the trade group’s inclusion, covering issues including trading rights, import licensing, customs valuation, investment, sanitary and phytosanitary measures, technical barriers to trade, and intellectual property rights. Laos officially becomes the organization’s 158th member nation February 2, 2013.
WTO delegations welcomed Laos’ membership, paying tribute to the nation’s efforts and the collaboration of organization members. The WTO indicated the market opening and economic reform accompanying membership, with its principles of transparency, predictability and rules, would help the country develop and make it more attractive for foreign investment. Laos has made initial market access commitments in 10 sectors: business services, courier and telecoms services, construction, distribution, private education, environmental services, insurance, banking and other finances, private hospital services, tourism and air transport. Multinational-access companies in these categories have opportunity to build reliable supply chain infrastructure to sustain the nation as a continuing trade partner and growing marketplace, as demand for imported goods grows as their economy continues to develop.
It’s fascinating watching the entire world opening to viable multinational commerce, happening in our lifetime. As companies continue to seek additional markets for their goods, further economic development of previously isolated regions fosters a welcomed urgency with probability of prosperity beneficial to all in participation.
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