In a significant move aimed at enhancing their economic partnership, India and Vietnam convened the 5th meeting of the India-Vietnam Joint Trade Sub-Commission (JTSC). This gathering, a pivotal milestone in their bilateral relations, signifies both nations’ commitment to deepen their trade and economic ties.
The meeting, co-chaired by Rajesh Agrawal, the Additional Secretary of the Department of Commerce, Ministry of Commerce & Industry from the Indian side, and Phan Thi Thang, the Deputy Minister of the Ministry of Industry and Trade from the Vietnamese side, was convened with the purpose of rejuvenating their economic collaboration. Notably, this meeting took place after a hiatus of more than four years due to the disruptions caused by the Covid-19 pandemic and other factors.
The prolonged gap between these discussions underscores the unprecedented challenges faced by nations worldwide in light of the pandemic. It also emphasizes the importance of resuming such interactions to harness the untapped potential of their partnership and promote economic growth.
During the meeting, both sides extensively reviewed the current state of their bilateral trade and economic cooperation. Moreover, they engaged in discussions to identify effective ways to unlock the immense potential that lies within their trade ties. This exploration of possibilities aims to empower businesses from both nations to benefit mutually from the partnership between two of the world’s fastest-growing economies.
In pursuit of this goal, both nations identified several key sectors with promising growth potential. These sectors encompass agriculture, fisheries, textiles, footwear, pharmaceuticals, chemicals, fertilizers, machinery and equipment, consumer products, energy, and the automobile industry. By expanding their cooperation in these sectors, India and Vietnam seek to foster deeper trade ties that would drive economic prosperity for both nations.
A pivotal aspect of these discussions was the commitment to address market access issues and technical barriers that exporters from both sides encounter. This commitment is expected to materialize through consistent and sustained bilateral discussions, which will facilitate the removal of obstacles and enhance the flow of goods and services between the two countries.
On the Indian side, specific concerns were raised pertaining to various sectors. These included the pending registration of Indian fishery and meat establishments for export, challenges in securing market access for Indian pharmaceutical companies in public procurement of drugs, and the imposition of high anti-dumping duties on Indian polyester filament yarn products and sorbitol.
Furthermore, India took the opportunity to emphasize the enormous potential that exists in the service sector cooperation. Suggested areas for collaboration included information technology, financial services, the education sector, tourism, healthcare, telemedicine, medical tourism, and fostering a conducive ecosystem for startups.
This meeting between India and Vietnam underscores the mutual dedication to cultivating their economic partnership for the betterment of their respective nations. It highlights the potential for growth and prosperity that lies in leveraging each other’s strengths, resources, and expertise. As both countries navigate the challenges of a rapidly evolving global economic landscape, their commitment to cooperation, dialogue, and partnership is crucial to achieving sustained and shared success.
In conclusion, the 5th meeting of the India-Vietnam Joint Trade Sub-Commission signifies a reinvigorated commitment to bolstering bilateral trade and economic cooperation. It demonstrates the resilience of both nations in the face of adversity and their determination to tap into the enormous potential that their partnership holds. By addressing challenges, exploring new avenues of collaboration, and fostering deeper ties, India and Vietnam aim to create a roadmap for mutual growth and prosperity in the years to come.