The Fourth Meeting of the
Joint Trade Commission between the Government of the Socialist Republic of Viet
Nam and the Government of the Islamic Republic of Pakistan was held at
Islamabad, Pakistan on 5th October 2017. The Vietnamese Delegation
was led by H.E. Mr. Cao Quoc Hung, Vice Minister of Industry and Trade of the
Socialist Republic of Viet Nam, and the Pakistani delegation was headed by Mr.
Mohammad Younus Dagha, Secretary Ministry of Commerce of the Islamic Republic
of Pakistan.
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 Secretary Commerce 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.
The Secretary Commerce 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%, 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", added Secretary Commerce. The honourable secretary commerce
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 Rationalization to improve further our
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 China Pakistan
FTA & are also in the initial phases of embarking FTA dialogue with South
Korea, Japan and Iran", added Mr. Mohammad Younus Dagha.
In order to increase the bilateral trade share in each
other's market, Secretary commerce proposed that both countries need to start
working towards a mutually beneficial trade agreement i-e a Preferential Trade
Agreement (PTA) leading to Free Trade Agreement (FTA). The Vice Minister
thanked Secretary Commerce 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, through further exchange of business delegations,
participation in trade fairs and exhibitions, and increased cooperation among
their respective Chambers of Commerce and Industry, Trade Promotion
Organizations and Missions. Such activities would help increase volume of trade
between Viet Nam and Pakistan.
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 Jewelry, 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 acknowledged the importance
of the removal of trade barriers in the process of expanding trade ties between
the two countries.
Both sidesagreed that the Fifth Meeting of the Joint Trade
Commission will be held in Ha Noi, Viet Nam in 2018.
