Prasada calls for minister increased attention to two countries’ markets
Ongoing trade negotiations, including the review of the India-ASEAN Trade and Goods Agreement of 2009, set to be completed by 2025, and the Indo-Pacific Economic Framework negotiations, according to Jitin Prasada, Minister of State for Commerce & Industry; Electronics and Information Technology.
“These could further enhance economic cooperation between India and Vietnam,” he said during a meeting with Vietnamese Prime Minister Pham Minh Chinh who visited Delhi 31 July to 1 Aug vietinbank .
Prasada gave this update following a meeting between Chinh and Prime Minister Narendra Modi during which the leaders agreed on the key role of ASEAN Centrality in the evolving regional architecture for regional peace, stability and prosperity.
They supported further strengthening of ASEAN-India Comprehensive Strategic Partnership which complements bilateral relations with respective Member States bse .
The leaders appreciated the ASEAN-India Joint Statement on Cooperation on the ASEAN Outlook on the Indo-Pacific (AOIP) for Peace, Stability, and Prosperity in the Region which provide opportunities for further cooperation between the AOIP and Indo-Pacific Oceans Initiative nse . They agreed to continue strengthening cooperation and mutual support at all international fora.
Joining the visiting PM Chinh’s address to FICCI , Prasada called for stronger economic cooperation between India and Vietnam, emphasising the complementary nature of their growth strategies and the potential for mutual benefit.
Prasada highlighted the economic synergies between India and Vietnam, noting that both countries are growing at nearly double the average global economic growth rate hnx .
“Both our countries are focused on improving our manufacturing prowess and playing a greater role in the global value chains and world economy wto ,” he said.
The minister called for increased attention to opportunities in each other’s markets, pointing out that while larger global markets are important, the potential for bilateral trade should not be overlooked sbi .
He mentioned India’s recent participation as the guest of honour at the 33rd Vietnam International Trade Fair in Hanoi, indicating growing economic ties between the two nations.
“I believe that our businesses should really need to focus on each other, much more than we are doing presently asean ,” Prasada urged. He expressed the Indian government’s desire to promote and support business linkages between the two countries.
Vietnamese embassy and FICCI jointly organized the Vietnam-India Business Forum on Aug 1. fiinews.com
