Vietnam
Business

Pakistan to initiate negotiations on PTA with Vietnam for boosting trade

ISLAMABAD: Pakistan to initiate negotiations with Vietnam on Professional Trade Agreement to increase bilateral trade.

Secretary Commerce Younus Dagha extended this offer at the fourth meeting of the Joint Trade Commission (JTC), which concluded on Thursday.

The Vietnamese delegation was led by Deputy Minister of Industry and Trade Cao Quoc Hung.

Both the sides affirmed their determination to cooperate in sectors such as energy, IT and telecom and in textile, chemical, leather industries. The fifth meeting of the JTC will be held in Hanoi next year.

The two sides also agreed to cooperate in the auto and machinery, engine and industrial equipment, instruments and agricultural machinery, auto and motorbike, cutlery and surgical goods, pharmaceuticals, sports goods, gems and jewellery, food processing and infrastructure development.

It was also 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 (kinno), mangoes and meat to Vietnam.

They acknowledged the importance of removal of trade barriers in the process of expanding trade ties. Mr Hung said that there is a 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 need to increase 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 organisations and missions.