CLMV agree to boost economic cooperation

Cambodia, Laos, Myanmar and Vietnam have agreed to increase cooperation in agriculture, industry and energy production at their sixth and seventh annual Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy summit in Nay Pyi Taw in early July.

The volume of trade among the four countries in 2013 was 12.4 percent of total ASEAN trade and increased to 14.1 percent in 2014. China is Myanmar’s largest trade partner with a total of $10 billion while Thailand is the main Asean trader with Myanmar. Vietnam is on the rise in both trading and investment, especially in hotel and tourism sector, ranking second after Singapore.
“CLMV agreed to increase cooperation in the agricultural, industrial and energy sectors as Myanmar is the top country amongst them,” said President U Thein Sein.

The ACMECS is a cooperation framework among Cambodia, Laos, Myanmar, Thailand, and Vietnam to utilize member countries’ diverse strengths and to promote balanced development in the sub-region. Prime Minister Thaksin Shinawatra of Thailand initiated the establishment of this cooperation framework in April 2003. The areas of cooperation include transport, trade and investment facilitation.

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