ISLAMABAD - Pakistan and Vietnam in the second session of the Joint Trade
Commission (JTC) have showed great motivation to achieve $500 million target of
bilateral trade by December 2013.
The second session of the JTC
between Pakistan and Vietnam was held in Islamabad on 28-29 August. Tahir Raza Naqvi Chief Executive Trade
Development Authority of Pakistan (TDAP) led the Pakistan's delegation while Le
Duong Quang Deputy Minister of Ministry of Industry and Trade of Vietnam led
the Vietnamese delegation.
The JTC deliberated on the
measures to enhance and promote bilateral trade between the two countries
including simplification of visa procedures for businessmen, exchange of trade
and commercial information between the trade promotion agencies and
institutionalising cooperation among the state trading corporations of both the
countries.
The Vietnamese side assured that
the Ministry of Industry and Trade of Vietnam would facilitate Pakistani businessmen
in getting visa. Vietnam also assured Pakistan to consider waiving off the
requirement of a Vietnamese sponsor.
However, for the time being if
Pakistani businessmen do not have a sponsor in Vietnam, the Commercial Section
of Vietnam at Karachi will forward the case to Ministry of Industry and Trade,
Vietnam. If the Ministry is satisfied, it will become the sponsor for Pakistani
businessmen.
During the meeting, an MoU was
signed wherein Pakistan recognised Vietnam as Full Market Economy. Vietnam
assured Pakistan of its full support in its bid to become the Full Dialogue
Partner of ASEAN.
The selected product sectors for
special promotional measures include leather and leather products,
Pharmaceuticals and Seafoods from Pakistan side, while the Vietnam authorities
would launch promotional campaign to increase export of tea, cotton and
synthetic fiber and fisheries to Pakistan. The agreed roadmap to work closely
for enhanced trade in the specified sectors includes exchange of delegations,
participation in fairs/exhibitions, sharing of information on quality standards
and trade procedures between the two sides.
Later, the Vietnamese delegation
led by Le Duong Quang Deputy Minister of Ministry of Industry and Trade of
Vietnam met Senior Commerce Minister Makhdoom Amin Fahim in his office.
Both sides discussed different
aspects of trade relations between the two countries.
Meanwhile, addressing business
community Le Duong Quang said that Vietnam wants to strengthen its friendship
with Pakistan, especially in trade and investment. He expressed hope that
second secession of Pak-Vietnam Business Council would help strengthen business
cooperation between both countries as well as would gather Vietnamese
counterparts that are interested in expanding businesses in Pakistan.
He said that Trade Promotion
Agency of Vietnam and Trade Development Authority of Pakistan should
collaborate and sign mutual agreements for promotion of trade and economic
relations between both countries.
In his welcome address, Yassar Sakhi
Butt, President ICCI said that it is encouraging that Pakistan and Vietnam are
now moving forward to further strengthen their bilateral economic and trade
relations as both countries have great potential to enhance mutual cooperation
in various sectors of their economies.
ICCI President said that
bilateral trade between Pakistan and Vietnam has improved from $60 million in
2005-06 to $262.5 million in 2010-11, however, it is far below the true
potential of both countries. He said that both countries have good potential to
complement each other in different areas including science & technology, IT
& telecommunication, industry, banking & finance.
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