Vietnamese delegation discusses ways and means to reduce trade barriers
A high profile Vietnam delegation met TPCI to discuss ways and means to reduce trade barriers between the India and Vietnam. The Vietnam delegation was led by Tran Thanh Nam, Deputy Minister of Agriculture and Rural Development of Vietnam while the TPCI delegation was led by TPCI Chairman Mohit Singla. The two can be seen in the picture engrossed in discussion.
Earlier this year, a joint sub commission of trade had taken place in Vietnam where both countries discussed the ways and means to reduce trade barriers in implementation of the Framework Agreement on Comprehensive Economic Cooperation between India and ASEAN.
Vietnam is seeing high economic growth and expansion of trade and investment, which has resulted in Vietnam moving out of the category of Least Developed Country (LDC) and become part of new lower middle income country (MIC). It has also seen sharp truncation in poverty levels, which has resulted in bolstering the growth of GDP, currently estimated at USD 200.8 billion.
During 2016, 16 MoUs were signed between the two countries during the visits of Indian Prime Minister to Vietnam and Vietnamese President to India. These agreements focused on information technology, cyber security, health, software development and training, aviation, shipping, civil nuclear cooperation. All these sectors are crucial in strengthening bilateral relations between the two countries and expanding the Vietnam-India comprehensive strategic partnership.
Though India is an agrarian exporter, broadly its trade basket is complimentary and there is immense scope for increasing bilateral trade. Also, trade in services is another way for enhancing India’s trade, as under India-ASEAN services trade agreement, mobility of skilled and semi-skilled labourers has been liberalized and it can be used as a policy instrument.
Vietnam requires technological assistance for its socio-economic and trade logistics development for which India is an appropriate partner. Both countries have identified biotechnology in agriculture and healthcare, technology for new materials, IT and electronics, super-computing, nuclear energy for peaceful uses, science and technology, remote sensing and non-traditional energy for expanding trade and investment and achieving the target of USD 15 billion worth of bilateral trade by 2020.