ISLAMABAD - Pakistan and Vietnam on Thursday agreed to remove the trade barriers in the process of expanding trade ties between the two countries.
Both the countries showed the agreement in the fourth meeting of the Joint Trade Commission held at Islamabad. The Vietnamese delegation was led by Cao Quoc Hung, Vice Minister of Industry and Trade of the Socialist Republic of Viet Nam, and the Pakistani delegation was headed by Younus Dagha, Secretary Ministry of Commerce.
Both sides affirmed their determination to cooperate in sectors such as Energy (electricity, oil and gas, transmission tower, utility pole and other electrical construction), Textile & Garment, Chemical, Leather & Footwear, IT & Telecom, Auto & Machinery (Engine & industrial equipment, instruments & agricultural machinery, auto & motorbike), Cutlery and Surgical Goods, Pharmaceuticals, Sports Goods, Gems and Jewellery, Food Processing and Infrastructure Development. Both sides agreed to explore the possibilities of cooperation in the seafood sector such as setting up joint ventures in shrimp farming and seafood processing sector. Pakistan side expressed interest in export of oranges (kinnow), mangoes and meat to Vietnam. Both sides agreed that the fifth meeting of the Joint Trade Commission will be held in Ha Noi, Vietnam in 2018.
During the meeting, the heads of the two delegations deliberated on each country's social and economic developments, reviewed the bilateral trade relations, identified obstacles and impediments to trade and set forth lines of actions to further develop and promote trade relations between the two countries.
The commerce secretary extended warm welcome to the vice minister and his delegation and said that Pakistan and Vietnam enjoy friendly relations based on mutual trust and cooperation and that both countries have tremendous potential for increasing bilateral trade. He informed the delegation that Pakistan's economy has been on a path of recovery since 2013 and that during the last fiscal year the GDP registered growth of 5.3 percent, the highest in 10 years. "The government's effort to restore peace and stability and meeting energy requirements has helped Pakistan take strides towards economic prosperity and this has made Pakistan a very lucrative market for investments", he added.
The commerce secretary said that the Ministry of Commerce has embarked upon a comprehensive trade reform agenda and are currently reforming Strategic Trade Policy Framework and working with other government agencies for establishment of the National Single Window to expedite trade clearance, aggressive implementation of Trade Facilitation Agreement and Tariff Rationalisation to improve further competitiveness and reduce cost of doing business. "Ministry of Commerce is also enhancing its trade diplomacy efforts and are currently negotiating three FTAs including Thailand, Turkey and 2nd Phase Pakistan-China FTA and are also in the initial phases of embarking FTA dialogue with South Korea, Japan and Iran", Dagha said. In order to increase the bilateral trade share in each other's market, the commerce secretary proposed that both countries need to start working towards a mutually beneficial trade agreement ie a PTA leading to FTA.
The vice minister thanked the commerce secretary for the warm hospitality extended to him and his delegation and said that there is need for further increase and diversification of the composition of bilateral trade in a balanced and mutually beneficial manner. He said that both Pakistan and Vietnam needs to enhance bilateral trade cooperation.
IMRAN ALI KUNDI
