VN, Pakistan move to boost economic co-operation

08:50 | 11/12/2015 Cooperation

The third meeting of the Viet Nam-Pakistan Intergovernmental Committee took place in Ha Noi on December 9.

VN, Pakistan move to boost economic co-operation

Illustrative photo

Heads of the Vietnamese and Pakistani delegation informed each other of the two countries’ socio-economic performances in recent years, while reviewing co-operative relations between the two nations since the conclusion of the second session.

At the candid discussion, MoIT Deputy Minister Do Thang Hai proposed increasing delegation exchanges to boost bilateral engagement. He emphasised the importance of encouraging trade promotion programmes and market research among the business communities.

For his part, Pakistani Deputy Finance Minister Tariq Bajwa agreed with the Vietnamese representative’s ideas and suggested fields with bright prospects for co-operation such as banking, agriculture, information technology and mobile phones.

He also emphasised the Pakistani government’s wish to sign a preferential trade agreement between the two countries, moving towards a free trade agreement (FTA) with Viet Nam.

Following active working sessions based on the spirit of constructiveness and mutual understanding, the two co-chairpersons of the Viet Nam-Pakistan Intergovernmental Committee signed the minutes of the third meeting.

According to statistics from the General Department of Viet Nam Customs, trade revenue between Viet Nam and Pakistan climbed to US$427 million in 2014 from US$242 million in 2010.

Viet Nam exported US$282 million worth of commodities to Pakistan last year, while importing US$144 million worth of goods from the South Asian nation.

Two-way trade reached US$474.6 million in the first 10 months of 2015, up 39.5% against 2014.

Last year, Pakistan is the biggest importer of Vietnamese tea with 35,000 tonnes valued at US$81.2 million.

The event hosted by the Ministry of Industry and Trade (MoIT)./.

Source: VGP