Illustrative image (Source: VNA)Hanoi (VNA) – Lao authorities havereduced import tariffs on 8,536 products from ASEAN member countries to zeropercent as part of efforts to establish the ASEAN Free Trade Area.
Theinformation was unveiled by the Lao Ministry of Planning and Investment at arecent annual meeting of the finance-planning sector held in Vientiane, reportedVientiane Times.
These goods represent 89 percent of the total productson a designated list which Laos trades with regional member countries under theASEAN Trade in Goods Agreement (ATIGA).
The report also indicated that under the ATIGA,Laos is only able to maintain import tariffs on some goods which it sees asessential for economic stability. In this regard, Laos has left the level ofimport tariffs unchanged on 325 items.
A customs official said in recent years, the Laogovernment has imposed 10 percent value added tax on goods imported into thecountry as part of efforts to shore up domestic revenue.
At present, Laos is flooded with foreignproducts, which account for more than 50 percent of the goods sold in thecountry.
The Lao government has been trying to boostdomestic production and consumption.
However, some businesses such as cement and steel producers have complainedabout the stiff competition they face from foreign firms.-VNA
VNA
