On 14 January 2021 the Director General of Lao Customs Department, Phoukhaokham Vannavongxay and the Managing Director of Lao Development Bank, Dr. Akhom Praseuth signed a Memorandum of Understanding (MoU). The ceremony took place at Lao Development Bank Headquarters in Vientiane Capital. The objective is to enhance cooperation in providing guarantee for ASEAN Customs Transit System (ACTS). About 50 guests from the private and public sector attended the event.
The objective of the MoU is to strengthen, promote and develop cooperation and mutual assistance between both parties on matters pertaining to issuing guarantees for the movements of goods under ACTS, and to strengthen mutual understanding and communications in the implementation of the ACTS.
The Director General of Lao Customs Department, Phoukhaokham Vannavongxay expressed his appreciation to EU for the support in development of the ACTS System and expressed his gratitude for Lao Development Bank in joining this crucial project. He also delivered an important remark by saying “the signing of the MoU showed the commitment of both parties in fostering cooperation and closer relationship in strengthening the cooperation related to trade facilitation in ASEAN which will eventually benefit the private sectors in Lao PDR who export goods to other ASEAN Nations.”
The Managing Director of Lao Development Bank, Dr. Akhom Praseuth stated that “upon the signing of the Memorandum of Understanding between Lao Customs Department and Lao Development Bank, the bank will be able to provide a special service to our clients who want to utilize the ACTS. The mechanism of settling Customs debts to the other Customs administrations in ASEAN will be a lot easier than before. Today’s event comes at an important juncture, where we use this MOU to further advance our partnership and support. I would like to assure you of the Lao Development Bank’s commitment to continue supporting the Lao Customs Department’s efforts to become a truly important player in ASEAN integration and express our desire to continue this strategic approach.”
With the signing of this memorandum, both Parties will carry out activities to raise awareness of the ACTS to encourage more companies in Lao PDR to use this system.
ACTS is currently implemented in Cambodia, Lao PDR, Malaysia, Singapore, Thailand and Vietnam. Myanmar will adopt ACTS later in 2021. The implementation of system represents a major milestone in EU-ASEAN cooperation on economic integration. Utilising regionally-standardised procedures, documents, software and data, ACTS facilitates and accelerates the movement of goods by road between Participating Member States. This will enhance ASEAN regional economic integration, encourage economic growth and contribute to a general improvement living standards in the region.
More information on ACTS can be found on https://acts.asean.org
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