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Vietnam wants to increase trade with Pakistan

Staff Report

LAHORE: Vietnam Ambassador, Hguyen Quang Thuc has stressed the need for more frequent meetings of Joint Economic Commission and high-level bilateral exchanges to increase two-way trade between Pakistan and Vietnam.

The ambassador was speaking at the Lahore Chamber of Commerce and Industry on Tuesday. The LCCI President Zafar Iqbal Chaudhry, former president Mian Muzaffar Ali and executive committee members also spoke on the occasion.

The ambassador said that Vietnam was ready to begin negotiations for signing Free Trade Agreement (FTA) with Pakistan as it had already signed nine agreements and memorandum of understandings that are enough to ensure a solid base for the promotion of economic cooperation between the two countries. He said trade had emerged as one of the most outstanding fields of cooperation and was developing rapidly from less than $10 million in 1999 to $149.8 million in 2008 and $135.82 million during the first nine months of 2009.

He said Vietnam Embassy had already done a lot of economic task for creating favourable conditions for Pakistan’s business community so that they could visit Vietnam for having first hand knowledge about available business opportunities. He said that the volume of exchanging business visits were on the rise from 180 persons in 2006 to 590 in 2007 and nearly 1,000 in 2009.

In pursuing the foreign policy of independence, self-reliance, openness, diversification and multi-lateralisation of external relations and active international integration, the diplomacy has become an important front in time of peace and made important contribution to maintaining and securing the peaceful environment and creating a favourable international environment conducive to national construction and defence, thus enhancing the position and prestige of the country in the international arena.

Speaking on the occasion, the LCCI president said that Vietnam’s market offers huge potential for Pakistani products like auto parts, pharmaceutical products, man-made filaments, knit fabrics, plastics and plastic products, fish, dairy products, surgical instruments, distillation products and handicrafts. Pakistan and Vietnam both being agricultural economies can also collaborate in agricultural implements and machinery sectors and can share their agricultural experience.

He said that the software industry in Pakistan has set its feet firmly and is able to take the full advantage of exporting computer software to Vietnam. Pakistani IT engineers can play vital role to help Vietnamese acquire the basic skills in the field of IT. Likewise Vietnam has a great potential to export rubber & rubber products, particularly tyres and tubes, machinery, electric and electronic equipment and cinnamon.

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