By Channel NewsAsia's IndoChina Correspondent Anasuya Sanyal
Posted: 19 June 2009
BANGKOK: Transport ministers from Thailand, Cambodia, Vietnam and Laos met on Friday in Hua Hin, following a successful launch of sections of highways that will facilitate trade in the Greater Mekong Subregion (GMS).
The Asian Development Bank has worked with officials from these countries along the Mekong River to upgrade two crucial highway systems: The East-West economic corridor, which is a 1,500-kilometre route passing through Vietnam, Laos, Thailand to Myanmar, and the Southern corridor from Phnom Penh to Ho Chi Minh City.
Road improvements have slashed travel times for exporters, but it is not the only thing that is being done.
Arjun Goswami, country director, Asian Development Bank, Cambodia, said: "Like every sort of teenager, which is what GMS is today, it's now moving to the next phase of development and looking at its soft infrastructure, building on those hard infrastructure sinews and going forward to brainpower, trade and trade facilitation."
The Cross-Border Transport Agreement is an important regional trade milestone as streamlining customs and immigration at border checkpoints in Thailand, Laos and Vietnam will save both time and money.
Multiple documents, red tape and loading and unloading of trucks at the borders are fast becoming a thing of the past, making life easier for everyone.
Phassawit Saeng-in, Thailand's regional customs director, said: "Now we have a cross-border general agreement under the GMS. It means all countries will use one form, and each country official will check and then let the trucks go. It will save a lot of customs time in each country. It saves money and time for the private sector."
Improving economic cooperation among these countries could not come at a better time as strengthening regional trading ties could be a buffer for future global economic shocks.
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