AUSTRALIA TO PROVIDE US$4 MILLION TO LAOS TRADE ACTIVITY

June 10 (KPL) - Australia government has pledged to grant US$ 4.15 million to the Lao trade activities with aim to alleviate poverty among locals. The commitment was made during Dr Nam Viyaketh, Minister of Industry and Commerce visited Australia late last month and met his Australian counterpart Mr Simon Crean. A four-year term of grant aid is aiming at strengthening Lao government's capacity to alleviate poverty through increased trade and investment activities, via two components. The Ministry of Industry and Commerce's press release, on 5 June disclosed that the Australian government has recently announced that it would provide a number of grant aid with trade package to push forward the Lao commerce development. The assistance is a part of efforts to open and reform its economies amid Lao PDR is seeking more opportunities access to the World Trade Organisation (WTO). The source was revealed after Dr Nam and his delegate paid an official visit to Australia between 25 and 30 May. During the visit he met the Australian Minister of Foreign Affairs, Stephen Smith and Minister for Resources and Energy, Martin Ferguson. The Australian Government will work together with the World Bank and European Union to provide assistance and technical support to the Lao government, which aims to enhance trade and investment policy and institutions. The facility will focus on building export competitiveness, supporting trade facilitation, improving the business environment, strengthening trade policy and trade agreements engagement and pursuing trade opportunities for the poor people. In collaboration with the World Bank and UNDP, the Australia will also extend current assistance aimed at supporting Laos integration of trade policy in to its broader development plans and enhancing the coordination of trade sector development assistance. "These initiatives are an important element of Australia's broader development programme in Laos which is estimated to be US$27.8 million in 2008-2009, said Mr McMullan". The Australian aid programme supports the Government of Laos to improve basic education and education management, strengthen trade and investment facilitation, and reduce the vulnerability of the rural poor.