Bangladesh and Lao People’s Democratic Republic (Laos) on Thursday underscored the need for concerted efforts to diversify and expand trade and investment flows, recognising that the existing level of bilateral trade remains below its considerable potential.

Both sides also agreed to encourage greater business-to-business engagement, including exchanges between the respective national apex chambers of commerce and industry.

Lao PDR expressed particular interest to deepen cooperation on pharmaceuticals and agricultural products of Bangladesh.

The issues were discussed at the first-ever Foreign Office Consultations (FOC) held in Vientiane, marking a significant milestone in the 38-year-old diplomatic relationship established in 1988.

The consultations were co-chaired by Foreign Secretary of Bangladesh Ambassador Asad Alam Siam and Deputy Minister of Foreign Affairs of Laos Anouparb Vongnorkeo.

A major focus of the consultations was on strengthening bilateral trade and economic cooperation, said the Ministry of Foreign Affairs.

The two sides discussed a number of areas of mutual interest and identified potential avenues for enhanced cooperation, including in the field of trade and investment, capacity building and human resource development, diplomatic training, ICT, healthcare, eco-tourism, climate change, consular cooperation and higher education.

Among others, Bangladesh and Lao PDR agreed to initiate an MoU on Cultural Cooperation to promote people-to-people contacts; an MoU on Labor cooperation to hire more workers from Bangladesh; exchange of young diplomats; promote tourism cooperation between the two countries and share lessons and experiences on smooth transition strategies from LDC status.

On consular matters, Bangladesh requested Lao PDR to ease the visa issues for the ordinary passport holder of Bangladeshi citizens and Lao side responded positively on the request.

Bangladesh appreciated Lao PDR’s support on various issues in international fora and sought its continued support for the dignified repatriation of the forcibly displaced Rohingyas from Bangladesh to their homeland in Myanmar.

Lao PDR reiterated its support for Bangladesh’s aspirations to become an ASEAN Sectoral Dialogue Partner and a member of the Regional Comprehensive Economic Partnership (RCEP).

As the climate vulnerable countries, Bangladesh and Lao PDR expressed interest to work closely to address the adverse impact of climate change. Both sides agreed to share experiences and best practices on climate adaptation and mitigation strategies, with a view to enhancing resilience and strengthening their respective capacities to address climate-related challenges

An outcome document was signed by the head of delegation of Bangladesh and Lao PDR. Following the meeting, a reception dinner was hosted by the Deputy Foreign Minister of Lao PDR in honor of Foreign Secretary and delegation of Bangladesh.