Region vows to boost economic ties

Cambodia, Laos, Myanmar and Vietnam (CLMV) have agreed to increase cooperation in agriculture, industry and energy production at their seventh annual summit as well as the sixth annual Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) summit in Nay Pyi Taw.

The amount of trade among CLMV in 2013 was 12.4 per cent of total Asean trade and increased to 14.1 per cent in 2014.

China is Myanmar’s largest trade partner with a total of US$10 billion while Thailand is the main Asean trader with the union. Vietnam is on the rise in both trading and investment, especially in the hotel and tourism sector, ranking second after Singapore.

President Thein Sein said: “CLMV agreed to increase cooperation in the agricultural, industrial and energy sectors as Myanmar is the top country amongst them.”

Source: ELEVEN

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