India on Friday hoped that Laos would soon implement the India-ASEAN free trade pact, giving a boost to the bilateral commerce of USD 36.98 million.
It also offered to be Laos' partner in its socio-economic strategy for economic progress which will help it move out of the Least Developed Country (LDC) status.
"On trade, we hope that Laos will issue the necessary notification at an early date to bring the India-ASEAN Free Trade Agreement into force," President Pratibha Patil, who is here on a visit, said in her banquet speech at a dinner hosted by Laos President Choummaly Sayasone in her honour.
While, India-ASEAN free trade agreement came into force from January this year, only five of its 10-member countries have implemented it.
When notified, Laos will join Singapore, Thailand, Malaysia, Vietnam and Myanmar.
Patil hoped Laos will participate in the India-ASEAN trade Fair scheduled in March 2011 in New Delhi.
She expressed her admiration for the efforts being made by Laos to become a developed country.
"We admire your dynamic leadership in shaping the growth of your country, and in pursuing a Socio-Economic Development Strategy that seeks to move Laos out of the LDC status by 2020. India is willing to be your development
partner," she said.
Sayasone thanked India for its economic cooperation and extending a credit line of USD 72.55 million to hydro-projects in Laos.
He also hailed India's efforts in the field of international diplomacy, especially its role in Non-Aligned Movement, G-77 and Mekong-Ganga Cooperation.