Laos' strategy for development is based on generating electricity from its rivers and selling the power to its neighbours, namely Thailand, China, and Vietnam.[9] Its economy is accelerating rapidly with the demands for its metals.[10]
It is a member of the Asia-Pacific Trade Agreement (APTA), Association of Southeast Asian Nations (ASEAN), East Asia Summit and La Francophonie. Laos applied for membership of the World Trade Organization (WTO) in 1997; on 2 February 2013, it was granted full membership.[11]
According to the anti-corruption non-governmental organization Transparency International, Laos remains one of the most corrupt countries in the world. This has deterred foreign investment and created major problems with the rule of law, including the nation's ability to enforce contract and business regulation.[12] This has contributed to a third of the population of Laos currently living below the international poverty line (living on less than US$1.25 per day).[13] Laos has a low-income economy, with one of the lowest annual incomes in the world. In 2013, Laos ranked in 138th place (tied with Cambodia) on the Human Development Index (HDI), indicating that Laos has lower medium to low development.[14] According to the Global Hunger Index (2013), Laos ranks as the 25th hungriest nation in the world out of the list of the 56 nations with the worst hunger situation(s).[15] Laos has had a poor human rights record.