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Business News/ News / India/  India and Vietnam pledge to boost bilateral trade, economic cooperation
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India and Vietnam pledge to boost bilateral trade, economic cooperation

This meeting was held after a gap of more than four years on account of the covid-19 pandemic and other factors. Both sides reviewed the progress on bilateral trade and economic cooperation and discussed ways to unlock the vast untapped potential in bilateral trade

India and Vietnam pledge to boost bilateral trade, economic cooperation (Photo:istock)Premium
India and Vietnam pledge to boost bilateral trade, economic cooperation (Photo:istock)

New Delhi: With an aim to deepen bilateral trade and economic ties, India and Vietnam on Tuesday convened the 5th meeting of the India-Vietnam Joint Trade Sub-Commission (JTSC) , the ministry of commerce & industry said.

This meeting was held after a gap of more than four years on account of the covid-19 pandemic and other factors.

The meeting was co-chaired by the additional secretary, Department of Commerce, Ministry of Commerce & Industry, Rajesh Agrawal from the Indian side and Deputy Minister, Ministry of Industry and Trade, Phan Thi Thang from the Vietnam side.

According to the ministry, both sides reviewed the progress on bilateral trade and economic cooperation and discussed ways to unlock the vast untapped potential in bilateral trade to enable the business communities from the two sides to benefit from the partnership of two of the fastest growing economies.

“Both sides identified potential sectors such as agriculture, fisheries, textiles, footwear, pharmaceuticals, chemicals, fertilizers, machinery and equipment, consumer products, energy and automobile industry, for expanding trade cooperation and agreed to work together to resolve market access issues and technical barriers faced by the exporters through regular and sustained bilateral discussions," it added.

The Indian side raised the issues of pending registration of Indian fishery and meat establishments for export, restricted market access in public procurement of drugs for Indian pharmaceutical companies and high anti-dumping duties imposed on Indian polyster filament yarn products and sorbitol.

The Indian side highlighted the potential in service sector cooperation and suggested cooperation in IT, financial services, education sector, tourism, healthcare, tele-medicine, medical tourism and start-up ecosystem.

The Indian side also suggested Mutual Recognition Agreements (MRAs) on professional services, internationalization of RuPay card, QR based payment system, and domestic currency trade settlement.

Both sides discussed logistics challenges affecting bilateral trade and agreed to continue efforts for exploring direct shipping services, collaboration in freight movement and improving air connectivity.

Vietnam is the 23rd largest global trade partner of India and the 5th largest among ASEAN countries with bilateral trade of $14.70 bn during 2022-23. Vietnam accounts for 11.2% of India’s total trade with ASEAN.

Vietnam is an important destination for India’s iron & steel and agricultural and animal products mainly meat products, animal fodder, cereals and marine products.

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Published: 08 Aug 2023, 06:21 PM IST
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