Lao PDR, which submitted its application for the accession into the World Trade Organization (WTO) and aims to successfully become a member of this organization in 2009, continues to take many steps in improving its conditions, especially in trading and investment policy.
According to Mr. Manothong Vongsay, Deputy Director General of the Investment Promotion Department, Ministry of Planning and Investment, government of Laos plans to grant permission to local authorities to issue unlimited number of investment licenses to both domestic and foreign investment, which have conducted the environmental and social impacts that meet international standards.
In addition, Laos has progress in many aspects, such as the development and issuance of the law on standardization, the Intellectual Property Right (IPR) law, the decrees for the implementation of Taxation Law and Business Law, but many other legal, financial and human capital requirements need to be addressed. As emphasized by Mr. Bounsom Phomvihane, Director of Foreign Trade Policy of Ministry of Industry and Commerce, Laos has already improved its human resources and issued many laws; however, it still needs to take many other steps before it can join the WTO.
Listen to Songrit's report for further details in Lao.