Brussels, 14/01/2013 (Agence Europe) - Having begun a process of liberalisation in 1997, Laos - one of the last planned economies of the world - is to become the 158th member country of the WTO.
Laos informed the WTO on 3 January that it had ratified the accession agreement to the multilateral organisation, which was approved on 26 October 2012 after 15 years of negotiation. Under the terms of the agreement, Laos agrees to consolidate its customs duties on agricultural products at 19.3% and on other products at 18.7%, and is taking commitments on its agricultural subsidies. Vientiane will fully apply WTO rules from 1 January 2015 on sanitary and phytosanitary measures and technical barriers to trade and those relating to protection of intellectual property at the beginning of 2017.
The EU has supported Laos throughout its accession process by providing it with financial assistance. As a Least Developed Country (LDC), Laos will benefit from access to the EU market free of duty and quotas for all its products except weapons, under the Everything but Arms initiative. In 2011, exports from Laos to the EU were worth €221 million, and its imports from the EU €197.4 million. The EU is Laos' fourth-largest trade partner (5.2%) after Thailand, China and Vietnam. (EH/transl.fl)