Tariffs are scheduled to be eliminated on more than 95 percent of goods from Vietnam and Laos.

A document to this effect was signed by Minister of Industry and Trade Vu Huy Hoang and his Lao counterpart Khemmani Pholsena on March 3 in Vientiane, Laos. It replaces the 1998 trade agreement.

Addressing the signing ceremony, the Vietnamese Minister said once the new agreement comes into effect, it will form the legal framework for bilateral cooperation in goods and services trading and make a significant contribution to fostering the relationship between Vietnam and Laos.

Lao Deputy Prime Minister Somsavat Lengsavat hailed the signing of the bilateral trade agreement between the two countries and urged relevant ministries and sectors to work closely together with MoIT to effectively implement the agreement.-VNA