Laos and Russia have yet to unlock the full potential of their bilateral trade, as turnover remains "modest," but the two nations are determined to increase it, Lao Ambassador to Russia Shiviengphet Phetvorasack told Sputnik in an interview
MOSCOW (Pakistan Point News / Sputnik - 02nd October, 2020) Laos and Russia have yet to unlock the full potential of their bilateral trade, as turnover remains "modest," but the two nations are determined to increase it, Lao Ambassador to Russia Shiviengphet Phetvorasack told Sputnik in an interview.
"Undoubtedly, Laos and Russia will intend to increase the trade turnover of the two countries based on the results of the 15th session of the Lao-Russian Intergovernmental Commission cooperation in trade, economy, science and technology [that took place in 2019]," Phetvorasack said.
The ambassador noted that last year's trade totaled $49.4 million, saying that the scale of the Lao-Russian trade and economic cooperation did not match its potential.
"Unfortunately, the spread of coronavirus infection in the world had a negative impact on trade between the two countries, in particular for this year," he added.
The pandemic has also led to the cancellation of mutual visits that were supposed to mark the 60th anniversary of the establishment of diplomatic relations between the two countries.
"Unfortunately, mutual visits by delegations from the two countries are not possible this year due to the deteriorating situation around the coronavirus pandemic," the diplomat said.
He noted, however, that the leaders of both countries were expected to exchange congratulatory letters, while embassies in both countries planned photo exhibitions and other events to celebrate the occasion.
Russia considers Laos as an important partner in South East Asia and has repeatedly expressed a willingness to boost bilateral cooperation in economy, defense industry and other area.
