Trading among ASEAN countries has increased significantly since the ASEAN Free Trade Area was established in 1992. The value of inter-ASEAN trade reached US$759 billion in 2023, accounting for 21.5% of the total trade value by the member countries.
Laos’ Minister of Industry and Commerce Malaythong Kommasith has highlighted the surge in the 56th ASEAN Economic Minister Meeting (AEM) and 38th ASEAN Free Trade Area Council Meeting in Vientiane.
According to Malaythong, ASEAN has eliminated tariffs on almost all products, comprising 98.6% of all tariff items. It also continues to refine the ASEAN Single Window Tax Notification System to reduce trade costs and facilitate regional business.
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