A MOU was signed between Pakistan and Vietnam. (Photo: moit.gov.vn)
MOU signed with Vietnam to increase bilateral trade
Friday, August 31, 2012, 15:30 (GMT + 9)
According to officials’ statements, Pakistan and Vietnam vowed to increase their bilateral trade volume to USD 500 million by December 2013. The two countries adopted this decision in the second session of the Joint Trade Commission (JTC), held in Islamabad on 28-29 August.
The agreemen will increase the trade of products such as seafood, leather and pharmaceuticals from Pakistan, while Vietnam authorities would launch a promotional campaign to boost exports of fisheries, tea, cotton and synthetic fibres to Pakistan.
The two parties also agreed to work closely in trade insofar as an exchange of delegations, participation in fairs and exhibitions and sharing of information on quality standards and trade procedures.
“Currently, bilateral trade volume between the two countries stood at USD 260 million, which was only USD 60 million five years ago. Despite having huge potential to enhance the trade volume, the two countries have failed to exploit it properly,” official sources said, The Nation reports.
The commission deliberated on how to enhance and promote bilateral trade, including the simplification of visa procedures for businesspeople, the exchange of trade and commercial data between the trade promotion agencies and the institutionalisation of cooperation among the two countries’ state trading corporations.
The Vietnamese delegation -- led by Le Duong Quang, deputy minister of industries of Vietnam -- assured that Vietnam’s Ministry of Industry and Trade will facilitate the process for Pakistani businesspeople to be granted visas and asked Pakistan to consider waiving the requirement of a Vietnamese sponsor. Still, for now, if Pakistani businesspeople lack a sponsor in Vietnam, the Commercial Section of Vietnam in Karachi will forward the case to the Ministry of Industry and Trade.
"If the ministry is satisfied, it will then sponsor Pakistani businesspeople," added official sources.
A memorandum of understanding (MoU) was signed at the meeting, wherein Pakistan recognised Vietnam as a full market economy.
Vietnam also assured Pakistan of its full support in its bid to become the full dialogue partner of the Association of Southeast Asian Nations (ASEAN).
By Natalia Real