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India, Vietnam sign MoU on trade cooperation

Mar 08, 2018
India, Vietnam sign MoU on trade cooperation

To establish a framework for enhancing economic and trade promotion, a memorandum of understanding (MoU) has been signed during the state visit of President of Vietnam to India. Both sides urged leaders of business and industry of both countries to explore new trade and investment opportunities in identified priority areas of cooperation, including textiles.

Vietnamese President Tran Dai Quang and Indian Prime Minister Narendra Modi affirmed the long-term and time-tested friendship between the two countries. Both sides expressed their satisfaction at the excellent state of Comprehensive Strategic Partnership between the two countries, and commended various commemorative activities.

Both sides agreed that enhancing strong trade and economic engagement is a strategic objective, a core element of the Comprehensive Strategic Partnership and are essential for strengthening bilateral ties.

“Both leaders expressed satisfaction and commended the significant rise in trade turnover during the last two years. In order to realise potential to both increase the volume of trade and diversify its composition, they requested the relevant ministries and agencies on both sides to explore substantive and practical measures to achieve the trade target of $15 billion by 2020, including but not limited to utilising established mechanisms, strengthening exchanges of trade delegations, business-to-business contacts, regular organisation of trade fairs and events,” an official statement said.

The two sides agreed to intensify cooperation to increase productivity, quantum and content of science and technology in agricultural products.

Both sides encouraged greater two-way investment between Vietnam and India. Prime Minister Modi welcomed Vietnamese companies to avail of the favourable investment climate in India under the Make in India programme. President Tran Dai Quang welcomed Indian companies to invest in Vietnam and affirmed Vietnam’s commitment to create favourable conditions and facilitation for Indian investments in accordance with Vietnamese laws. The MoU on economic and trade cooperation was signed by external affairs minister Sushma Swaraj from the Indian side and Vietnamese minister of industry and trade Tran Tuan Anh.