China and Laos deepen ties, highlighting RCEP's crucial role

The Third International Cooperation Forum on RCEP Trade and Investment was held on Tuesday in Kunming, Southwest China's Yunnan Province, showcasing the latest achievements of the Regional Comprehensive Economic Partnership (RCEP). New cooperation agreements were signed between Chinese and Laotian companies, further deepening ties between the two countries.

The forum focused on high-quality implementation of the RCEP, strengthening cross-border supply chains and leveraging RCEP opportunities for Yunnan's development strategy. Attendees included Liu Yong, vice governor of Yunnan Province and Manothong Vongsay, vice Minister of Industry and Commerce of Laos.

Laotian government officials and business representatives told the Global Times that economic and trade interactions with China are vital for Laos, with the RCEP playing a significant role in enhancing cooperation between the two countries.

The RCEP serves as a guiding light, providing a platform for sustainable and inclusive economic recovery. As an RECP member country, Laos must utilize this agreement to share new opportunities and work toward global economic growth and development, Manothong Vongsay noted at the forum.

Trade with China is crucial, and the RCEP has provided supporting policies to increase trade between China and Laos, offering more opportunities and business for our logistics company, Sakda Chindavong, head of Vientiane Logistics Park Investor Recruitment Unit, told the Global Times on Wednesday.

Benefiting from the RCEP, China-Laos bilateral trade volume has increased rapidly. According to data from China's General Administration of Customs, in the first half of 2024, total import and export volume between China and Laos reached 29.5 billion yuan ($4 billion), a 35.2 percent increase from the same period last year. Imports totaled 16 billion yuan, up 41.7 percent year-on-year, while exports reached 13.5 billion yuan, growing by 30.2 percent.

"We see significant potential for the RCEP to stimulate cross-border e-commerce and increase micro, small, and medium enterprises participation in international trade," added Manothong Vongsay.

This year marks the 15th anniversary of the China-Laos comprehensive strategic cooperative partnership and the first year of implementing the new action plan for building a community with a shared future between the two countries. With Laos assuming the rotating presidency of ASEAN, new opportunities arise for China and Laos to deepen bilateral cooperation across various fields, Chinese Foreign Ministry spokesperson Mao Ning said at a regular press briefing on Tuesday.

Cooperation between China and Laos spans multiple areas, with the China-Laos railway facilitating easier imports and exports. Laos can also trade more directly and swiftly with Europe and Central Asian countries via the China Europe Railway Express, significantly aiding its trade relations, Sakda Chindavong said.

Chinese Foreign Minister Wang Yi is scheduled to attend several key ASEAN meetings in Vientiane, Laos, and he will make an official visit to the country. His visit is expected to accelerate negotiations on the China-ASEAN Free Trade Agreement 3.0, promote high-quality Belt and Road cooperation, ensure high-quality implementation of the RCEP, and expand cooperation in emerging industries to advance regional economic integration.