Vietnam Ambassador to Pakistan Nguyen Tien Phong said on Wednesday that the two countries are expected to hold talks on progress on the proposed Preferential Trade Agreement (PTA) by mid-November 2021.
The envoy said that in the forthcoming meeting of “5th Vietnam-Pakistan Sub-committee on Trade” the two sides will discuss Preferential Trade Agreement and an agreement on investment protection. Issues of bilateral trade cooperation would also be discussed in the meeting.
“The two countries have great potential to increase bilateral trade, which is being discussed on both sides,” the Ambassador of Vietnam to Pakistan told APP.
He hoped that after signing the Preferential Trade Agreement, the trade volume between Vietnam and Pakistan would increase.
The ambassador revealed that both countries are currently sharing a bilateral trade value of about $700 which is far below the potential. He emphasized that the trade volume between the two countries needs to be increased to $1 billion over the next couple of years.
Nguyen believes the main reason for the low bilateral trade was the lack of mutual awareness between the two sides, which he said needs to be improved.
Pak-Vietnam’s strong areas of bilateral trade:
Nguyen Tien Phong said that the two countries have vast potential for bilateral trade in the following fields:
- Agriculture i.e. tea, black pepper, cashew, coffee cotton and textile.
- Dairy items
- Mobile phones and phone’s parts
- Computers and their parts
- Technological equipments as well as electrical and electronics
- Steel sector
- Various chemicals
New avenues for mutual cooperation in trade between the two countries can be opened by including other new sectors, he said.
The Ambassador said that “year 2022 will mark the 50th Anniversary of the Establishment of the Diplomatic relations between Pakistan and Vietnam, would be marked in a dignified manner in which the development of bilateral diplomatic tie and trade relations between the two countries would be reaffirmed, reinforced and developed at a greater distance.”
Multilateral Trade setup between ASEAN and Pakistan:
The Vietnam Ambassador assured that being an active member of ASEAN, Vietnam would play its full role in paving the way for trade to Pakistan which would prove to be in the economic interest of both Pakistan and the ASEAN countries.
Ambasador Phong said that Pakistan also has good trade and economic relations with ASEAN countries, which need to be further enhanced.
“Asean is a very effective trading bloc of the world and has signed free trade agreements (FTAs) with China, Japan, Australia and New Zealand from which all regional countries are benefiting,” he said.