On 8 October, at the National Convention Center, Saleumxay Kommasith, Deputy Prime Minister and Minister of Foreign Affairs of Laos, led the 28th ASEAN Political-Security Community (APSC) Council Meeting, focusing on regional security, cooperation, and the implementation of the APSC Blueprint 2025.
The meeting, under the theme “ASEAN: Enhancing Connectivity and Resilience”, saw attendance by ASEAN Foreign Ministers, Indonesia’s Coordinating Minister for Political, Legal, and Security Affairs, the Secretary-General of ASEAN, the Foreign Minister of Timor-Leste, and other ASEAN delegates.
The council reviewed the progress of the APSC Blueprint 2025, noting that 99.6 percent of its action lines have been successfully implemented. However, there remains one key action line that still needs to be addressed and completed before 2025.
The meeting highlighted Laos’s achievements as ASEAN Chair in 2024, including the successful activities of key ASEAN bodies under the APSC pillar. These included the ASEAN Defence Ministers Meeting (ADMM), the ASEAN Defence Ministers Meeting Plus (ADMM-Plus), the ASEAN Ministerial Meeting on Transnational Crime (AMMTC), the ASEAN Regional Forum (ARF), and the ASEAN Network of Regulatory Bodies on Atomic Energy (ASEANTOM).
The ASEAN Intergovernmental Commission on Human Rights and other APSC mechanisms also played a crucial role in driving progress. Additionally, the meeting acknowledged the 2023 annual report from the ASEAN Institute for Peace and Reconciliation.
Another major event was the 35th ASEAN Coordinating Council meeting, which reviewed Timor-Leste’s roadmap to full ASEAN membership. At this meeting, 13 key reports on regional integration were adopted to enhance connectivity within the region. The council also approved essential documents for the upcoming 44th and 45th ASEAN Summits.
The discussions further explored ASEAN’s three community pillars, with a focus on strengthening connectivity and resilience. Reports from the ASEAN Secretariat, the ASEAN Integration Task Force, and the ASEAN Smart Cities Network were reviewed and adopted.
Lastly, the meeting confirmed the nomination of Myanmar’s San Lwin as Deputy Secretary-General for the ASEAN Socio-Cultural Community for the 2024-2027 term. The meeting concluded with an emphasis on ASEAN’s commitment to deeper integration and stronger regional cooperation.
Laos and Thailand held an economic and trade cooperation talk during the 24th Economic Community Council Meeting on 7 October in Vientiane Capital, aiming to reach a trade value of USD 11 billion by 2025.
To achieve the goal, the Lao delegation, led by Minister of Industry and Commerce Malaithong Kommasith, presented several initiatives to the Thai Minister of Commerce Pichai Naripthaphan, focusing on overcoming trade barriers.
A key concern addressed during the meeting was the need to reduce or eliminate non-tariff barriers that currently hinder the import of agricultural products from Laos to Thailand.
The discussion identified restrictive regulations and inconsistent import quotas on products such as corn, coffee, and vegetables as significant obstacles that need to be resolved.
The Lao Minister also highlighted the importance of aligning these policies with the ASEAN Trade in Goods Agreement (ATIGA) to facilitate smoother trade relations.
ATIGA, which was signed in 2010 by all ten ASEAN member states, serves as a legal framework to facilitate the free flow of goods within the region.
Additionally, the Lao government aims to support domestic products and reduce the trade deficit with Thailand by promoting the purchase of Lao goods. This initiative is expected to attract Thai investors to explore opportunities in Laos, particularly in the processing industry.
Laos’ effort to promote its local products was evident during the “Made in Laos 2024” fair, which took place from 30 September to 7 October in Vientiane Capital.
The “Made in Laos 2024” fair (photo credit: Pathet Lao Daily)
The event showcased local products and supported various business sectors, while promoting Lao entrepreneurs who produce goods both domestically and abroad. It emphasized high-quality, locally made products that can compete within the country and boost exports.
On 6 October, the Bank of Laos (BOL) officially partnered with 11 commercial banks to launch the Lao Foreign Exchange Market Company Limited, an initiative aimed at enhancing foreign exchange services, streamlining currency exchange processes, and improving public access to these services.
The participating banks include Banque Pour Le Commerce Extérieur Lao Public (BCEL), Agricultural Promotion Bank, ST Bank, BIC Bank, Joint Development Bank, Lao-Viet Bank, Lao Development Bank, Indochina Bank, Banque Franco-Lao, Phongsavanh Bank, and Maruhan Japan Bank Laos.
According to local reports, the Lao Foreign Exchange Market Company Limited is expected to be fully operational by the end of October. Services will be accessible online through mobile applications and websites, reflecting the growing demand since the platform’s soft launch.
Initially, the market will focus on facilitating transactions involving the US dollar, Thai baht, and Chinese yuan. At this stage, only spot buying and selling transactions will be allowed, with no cross-currency exchanges. This gradual rollout will ensure that the system runs smoothly while accommodating future expansions.
This recent development builds on efforts made earlier in August, when 15 banks signed an agreement to establish a foreign exchange market and integrate it into their banking systems.
Fongchinda Sengsoulivong, Deputy Director General of the Monetary Policy Department, highlighted the progress made so far. By 22 August, seven banks, including BCEL, Agricultural Promotion Bank, BIC Bank, Joint Development Bank, Lao Development Bank, Lao-Viet Bank, and ST Bank, had already begun offering foreign exchange services through their mobile platforms.
Laos Chairs 28th APSC Meeting on ASEAN Security, Integration
On 8 October, at the National Convention Center, Saleumxay Kommasith, Deputy Prime Minister and Minister of Foreign Affairs of Laos, led the 28th ASEAN Political-Security Community (APSC) Council Meeting, focusing on regional security, cooperation, and the implementation of the APSC Blueprint 2025.
The meeting, under the theme “ASEAN: Enhancing Connectivity and Resilience”, saw attendance by ASEAN Foreign Ministers, Indonesia’s Coordinating Minister for Political, Legal, and Security Affairs, the Secretary-General of ASEAN, the Foreign Minister of Timor-Leste, and other ASEAN delegates.
The council reviewed the progress of the APSC Blueprint 2025, noting that 99.6 percent of its action lines have been successfully implemented. However, there remains one key action line that still needs to be addressed and completed before 2025.
The meeting highlighted Laos’s achievements as ASEAN Chair in 2024, including the successful activities of key ASEAN bodies under the APSC pillar. These included the ASEAN Defence Ministers Meeting (ADMM), the ASEAN Defence Ministers Meeting Plus (ADMM-Plus), the ASEAN Ministerial Meeting on Transnational Crime (AMMTC), the ASEAN Regional Forum (ARF), and the ASEAN Network of Regulatory Bodies on Atomic Energy (ASEANTOM).
The ASEAN Intergovernmental Commission on Human Rights and other APSC mechanisms also played a crucial role in driving progress. Additionally, the meeting acknowledged the 2023 annual report from the ASEAN Institute for Peace and Reconciliation.
Another major event was the 35th ASEAN Coordinating Council meeting, which reviewed Timor-Leste’s roadmap to full ASEAN membership. At this meeting, 13 key reports on regional integration were adopted to enhance connectivity within the region. The council also approved essential documents for the upcoming 44th and 45th ASEAN Summits.
The discussions further explored ASEAN’s three community pillars, with a focus on strengthening connectivity and resilience. Reports from the ASEAN Secretariat, the ASEAN Integration Task Force, and the ASEAN Smart Cities Network were reviewed and adopted.
Lastly, the meeting confirmed the nomination of Myanmar’s San Lwin as Deputy Secretary-General for the ASEAN Socio-Cultural Community for the 2024-2027 term. The meeting concluded with an emphasis on ASEAN’s commitment to deeper integration and stronger regional cooperation.
Source: https://laotiantimes.com/2024/10/09/laos-chairs-28th-apsc-meeting-on-asean-security-integration/
Laos, Thailand Set Sights on USD 11 Billion Trade Goal by 2025
Laos and Thailand held an economic and trade cooperation talk during the 24th Economic Community Council Meeting on 7 October in Vientiane Capital, aiming to reach a trade value of USD 11 billion by 2025.
To achieve the goal, the Lao delegation, led by Minister of Industry and Commerce Malaithong Kommasith, presented several initiatives to the Thai Minister of Commerce Pichai Naripthaphan, focusing on overcoming trade barriers.
A key concern addressed during the meeting was the need to reduce or eliminate non-tariff barriers that currently hinder the import of agricultural products from Laos to Thailand.
The discussion identified restrictive regulations and inconsistent import quotas on products such as corn, coffee, and vegetables as significant obstacles that need to be resolved.
The Lao Minister also highlighted the importance of aligning these policies with the ASEAN Trade in Goods Agreement (ATIGA) to facilitate smoother trade relations.
ATIGA, which was signed in 2010 by all ten ASEAN member states, serves as a legal framework to facilitate the free flow of goods within the region.
Additionally, the Lao government aims to support domestic products and reduce the trade deficit with Thailand by promoting the purchase of Lao goods. This initiative is expected to attract Thai investors to explore opportunities in Laos, particularly in the processing industry.
Laos’ effort to promote its local products was evident during the “Made in Laos 2024” fair, which took place from 30 September to 7 October in Vientiane Capital.
The event showcased local products and supported various business sectors, while promoting Lao entrepreneurs who produce goods both domestically and abroad. It emphasized high-quality, locally made products that can compete within the country and boost exports.
Source: https://laotiantimes.com/2024/10/08/laos-thailand-set-sights-on-usd-11-billion-trade-goal-by-2025/
Laos Launches Unified Foreign Exchange Market
On 6 October, the Bank of Laos (BOL) officially partnered with 11 commercial banks to launch the Lao Foreign Exchange Market Company Limited, an initiative aimed at enhancing foreign exchange services, streamlining currency exchange processes, and improving public access to these services.
The participating banks include Banque Pour Le Commerce Extérieur Lao Public (BCEL), Agricultural Promotion Bank, ST Bank, BIC Bank, Joint Development Bank, Lao-Viet Bank, Lao Development Bank, Indochina Bank, Banque Franco-Lao, Phongsavanh Bank, and Maruhan Japan Bank Laos.
According to local reports, the Lao Foreign Exchange Market Company Limited is expected to be fully operational by the end of October. Services will be accessible online through mobile applications and websites, reflecting the growing demand since the platform’s soft launch.
Initially, the market will focus on facilitating transactions involving the US dollar, Thai baht, and Chinese yuan. At this stage, only spot buying and selling transactions will be allowed, with no cross-currency exchanges. This gradual rollout will ensure that the system runs smoothly while accommodating future expansions.
This recent development builds on efforts made earlier in August, when 15 banks signed an agreement to establish a foreign exchange market and integrate it into their banking systems.
Fongchinda Sengsoulivong, Deputy Director General of the Monetary Policy Department, highlighted the progress made so far. By 22 August, seven banks, including BCEL, Agricultural Promotion Bank, BIC Bank, Joint Development Bank, Lao Development Bank, Lao-Viet Bank, and ST Bank, had already begun offering foreign exchange services through their mobile platforms.
Source: https://laotiantimes.com/2024/10/08/laos-launches-unified-foreign-exchange-market/