Speaking at a workshop in West Bengal state on January 25, Former President of India ’s Merchant Chamber of Commerce and Industry (MCCI) Kumar Saraf, suggested the two countries consider a concessionary trade agreement, towards reducing tariff and non-tariff barriers for goods and services exports between the two countries.
Vietnam is one of the most dynamic economies in the region after nearly 30 years of its Renewal (Doi Moi) process, becoming one of the world leading exporter of rice, coffee and pepper, he stressed.
Vietnamese Ambassador to India Ton Sinh Thanh, highlighted the great potential for Vietnam and India to expand their trade and investment links.
According to Thanh , Vietnam is a member of 13 free trade areas. Apart from joining free trade agreements (FTAs) between ASEAN and India , China , the Republic of Korea (RoK), Australia , and New Zealand , Vietnam signed bilateral FTAs with the RoK and the Eurasia Economic Union (EAEU). Vietnam is also participating in FTA negotiations with the European Union and the Regional Comprehensive Economic Partnership (RCEP).
Vietnam-India trade ties has developed rapidly in recent years, hitting 5.6 million USD in 2014. In the first seven months of 2015, the figure reached over 3 billion USD. The two nations aim to lift their two-way trade to 15 billion USD by 2020.
Vietnam's key exports to India include mobile phones, electrics, rubber, cashews, textiles, steel and iron, and wool and wood products; while its main imports from India are machinery and chemicals.-VNA