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| Delegates attending the Workshop. |
On November 2nd, the Vietnamese Embassy in Pakistan organized a hybrid in-person and online seminar on the topic "Improving the effectiveness of handling trade disputes, removing bottlenecks, and expanding opportunities for economic, trade, and investment cooperation between Vietnam and Pakistan".
Attending the workshop were the Ambassador of Pakistan to Vietnam, Ms. Samila Mehtab, representatives from the Ministry of Industry and Trade , arbitration and trade dispute resolution bodies of the two countries, representatives from the Vietnam Federation of Commerce and Industry (VCCI), and representatives from major chambers of commerce and industry in Pakistan…
Vietnamese Ambassador to Pakistan Nguyen Tien Phong emphasized that the workshop focused on exchanging and discussing measures to enhance awareness of trade disputes and the urgency of preventing and resolving disputes in an objective, fair manner, in accordance with international law and the laws of each country.
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| Vietnamese Ambassador to Pakistan Nguyen Tien Phong (right) speaks at the seminar. |
To achieve this, it requires the participation of ministries and government agencies from both sides, as well as the proactive involvement of businesses in understanding and sharing information symmetrically in trade exchanges, preventing disputes, wrongdoing, and fraud, and ensuring fair and transparent mediation and adjudication processes.
Presentations from speakers from both countries at the conference affirmed the significance and importance of close cooperation between state agencies in building a legal framework and mechanisms and institutions for resolving commercial disputes.
The delegates emphasized the role and importance of business chambers and associations in both countries, as well as the media, in enhancing understanding of market information, laws, and specific regulations of each country.
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| Delegates in the discussion emphasized the need to establish robust dispute resolution provisions. |
The discussions also emphasized the need to establish robust dispute resolution clauses in commercial contracts and to accelerate negotiations for the signing of Preferential Trade Agreements (PTAs) that include provisions on dispute resolution mechanisms.
Both sides believe that with the enormous untapped potential, coupled with preventive measures and transparent, fair dispute resolution, bilateral trade will achieve a breakthrough and may soon surpass the $1 billion mark in 2024.
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