The United States and Laos entered a bilateral Trade and Investment Framework Agreement, which establishes a forum for the two countries to discuss trade and investment issues.
The United States and Laos entered a bilateral Trade and Investment Framework Agreement, which establishes a forum for the two countries to discuss trade and investment issues, such as intellectual property, labor, environment and capacity building.
The TIFA was signed last week by U.S. Trade Representative Michael Froman and Lao Minister of Industry and Commerce Khemmani Pholsena.
Froman said the agreement “provides a vehicle for strengthening U.S.-Lao trade and investment relations. It reflects President Obama’s commitment to ASEAN (Association of Southeast Asian Nations) and it will promote increased economic opportunities between us.”
According to the Office of the U.S. Trade Representative, two-way goods trade between the United States and Laos grew five-fold in the past 10 years to $70 million. Two-way agricultural trade, in particular, increased eight-fold in the same period to $8 million.
U.S., Laos aim to strengthen trade ties
