Viet Nam-India Joint Sub-Commission on Trade convenes 5th meeting

In his remarks, Rajesh Agrawal highly valued Viet Nam's socio-economic development achievements, affirming that India considers Viet Nam a top-tier partner in Southeast Asia and always attaches importance to expanding economic and trade cooperation with the Southeast Asian nation.

He acknowledged the noticeable development trend in trade between the two countries in recent years, highlighting many positive changes since the 4th meeting of the joint sub-committee in 2019 in Ha Noi.

For her part, Deputy Minister Phan Thi Thang remarked that there were many challenges ahead in the global and regional context, including economic recession, trade tensions, high inflation, and lower demand.

Besides, the two nations need to make efforts to foster sustainability-oriented two-way trade; remove trade barriers for imports and exports; promote market access for products of the strength of each side, she stressed.

Two sides also should boost collaboration in e-commerce; and strengthen business, trade, and tourism connectivity by opening more direct flights and increasing the number of flights between major cities of the two countries.

Agrawal agreed with the proposals by the Vietnamese official, saying that his agency would work with relevant Indian authorities to address lingering issues and difficulties to facilitate import-export activities of the two sides' businesses.

Additionally, he shared that India wanted to elevate cooperation with Viet Nam in terms of pharmaceuticals, processed food, tourism, and information technology.

The two sides agreed to closely coordinate in organizing trade promotion programs and activities, fairs, and exhibitions; and further expand trade links in areas with enormous potentials, such as agriculture, aquaculture, textiles, leather and footwear, and pharmaceuticals, to name but a few.

They agreed to bolster investment cooperation in areas of joint interest.

Both sides pledged to push relevant agencies to complete the risk assessment process and move towards allowing market access for prioritized types of fruits shortly.

In the end, the two delegation heads approved and signed the Minutes, affirmed that they would closely coordinate in directing functional units of the Ministry of Industry and Trade of Viet Nam - India, and work with relevant agencies to implement the meeting results./.