Vietnam, Sri Lanka agree to expand trade

09:53 | 31/10/2019 Cooperation

(VEN) - Vietnam and Sri Lanka will strive to reach trade turnover of US$1 billion. The target and ways to achieve it were discussed at the second meeting of the sub-committee on trade between Sri Lanka and Vietnam held in Hanoi on October 3-4.

vietnam sri lanka agree to expand trade

Vietnamese Deputy Minister of Industry and Trade Cao Quoc Hung and Secretary to the State Ministry of Industry and Commerce of Sri Lanka Madhawa Dewasurendra affirmed the importance of the sub-committee for strengthening trade relations between the two countries, especially in light of global trade uncertainties and protectionism tensions.

According to the Vietnamese Ministry of Industry and Trade, Vietnam’s exports to Sri Lanka reached US$150 million in the first eight months of 2019, an increase of 14 percent compared to a year ago, through the main exports of mobile phones, components, rubber fiber, pharmaceuticals, and chemicals. Vietnam’s imports from Sri Lanka are mainly garment and textile, leather and footwear, and gemstones.

To achieve trade turnover of US$1 billion, the two sides agreed to accelerate negotiations on a cooperation and mutual assistance customs agreement, to sign a new memorandum of understanding (MOU) on manufacturing industrial machinery, to extend cooperation in the agricultural sector for the 2020-2022 period, and to promote implementation of the MOU on bilateral cooperation in fisheries for the 2020-2022 period.

The two sides also agreed to report to the two governments on the establishment of the Vietnam-Sri Lanka Business Council to provide direct support and market information for the two business communities.

Sri Lanka and Vietnam agreed to expand cooperation in a number of other areas such as health and tourism, and promote direct flights between the two countries to support trade and tourism development.

Both parties agreed to cooperate not only to increase export and import activities but also to develop closer ties in investment and agriculture, so that the two countries could join together in global and regional value chains, while ensuring sustainable development of bilateral trade.

Sri Lanka is willing to create favorable conditions for Vietnamese enterprises to do business in the country, Madhawa Dewasurendra said.

Vietnam and Sri Lanka have decided to organize a series of promotional events in 2020 to commemorate the 50th

anniversary of their diplomatic relations.

Nguyen Huong