The meeting aims to help CLMV further strengthen economic and trade relations, and coordinate more closely with each other on regional and international activities. It also hopes to promote the four countries’ potential, narrow the development gap and accelerate the implementation of agreements reached at CLMV summits.
Vietnam’s Minister of Industry and Trade, Vu Huy Hoang presided over the meeting that included Cambodia’s Minister of Trade, Cham Prasidh; Laos’ Minister of Industry and Trade, Nam Viyaketh; and Myanmar’s Minister of National Planning and Economic Development, U Soe Tha.
The four ministers agreed to boost trade co-operation by creating favourable conditions for facilitating and promoting trade.
To increase investment inflows among CLMV, they agreed to offer incentives for investors from all four countries and encouraged businesses to invest in special economic and export processing zones along CLMV borders.
They said that CLMV should strengthen coordination at sub-regional, regional and international forums to attract resources from developed partners to bridge the development gap. They proposed that CLMV implement measures, such as enhancing co-operation on building and implementing projects, and fostering co-operation with regional and international organizations, as well as dialogue partners, to research and evaluate challenges and potential thus promoting trade and investment in CLMV.
They also agreed to strengthen co-operation in FTA negotiations and other negotiations for mutual benefit and research an initiative to establish a CLMV Development Fund as proposed by Cambodian Prime Minister Samdech Hun Sen at the fourth CLMV Summit.
The ministers decided to hold a CLMV economic ministerial meeting every two years.