Vietnam - India strive to soon bring trade turnover to the 20 billion USD mark

At the invitation of Foreign Minister Bui Thanh Son, Indian Foreign Minister Subrahmanyam Jaishankar began an official visit to Vietnam from October 15-17, 2023. On the morning of October 16, 2023, at the Government Guest House, the two Ministers co-chaired the 18th Meeting of the Vietnam-India Joint Committee on Economic, Trade, Scientific and Technological Cooperation (JCC).

Minister Bui Thanh Son welcomed Minister Jaishankar's official visit to Vietnam; emphasizing that the visit is of great significance, contributing to further promoting the Comprehensive Strategic Partnership between the two countries to develop strongly, deeply and effectively in all fields. Minister Jaishankar expressed his pleasure in visiting Vietnam for the first time; congratulated Vietnam on its important achievements in socio -economic development and foreign policy implementation; affirmed that India always attaches importance to consolidating and developing the traditional friendship and Comprehensive Strategic Partnership between Vietnam and India, which has been cultivated by generations of leaders and people of the two countries.

At the 18th Joint Committee Meeting with the participation of representatives of relevant ministries and branches of the two countries, the two sides conducted a comprehensive review and assessment of bilateral relations since the 17th Joint Committee Meeting (August 2020) and the implementation of the Vietnam - India Comprehensive Strategic Partnership Action Plan for the period 2021-2023. The two Ministers were pleased with the positive development of the Vietnam - India Comprehensive Strategic Partnership in recent times; in particular, the two countries celebrated the 50th anniversary of the establishment of diplomatic relations with many meaningful activities in 2022.

The two sides agreed to increase the exchange of delegations and contacts at high and all levels between the two countries; maintain the effective implementation of existing bilateral cooperation mechanisms, and promptly put into operation the Economic Diplomacy Dialogue mechanism at the Deputy Foreign Minister level; promote the development of an Action Program for the 2024-2026 period; continue to strengthen defense and security cooperation in the spirit of the Joint Vision Statement on Vietnam-India Defense Partnership to 2030; promote negotiations and early signing of a Memorandum of Understanding on judicial cooperation between the Ministry of Justice of Vietnam and the Ministry of Law and Justice of India.

The two sides were pleased to see that economic and trade cooperation has recovered and developed well after the pandemic, with two-way trade turnover in 2022 exceeding the target of 15 billion USD set by the two countries' senior leaders; agreed to closely coordinate to create a favorable corridor for trade and investment activities, striving to soon bring trade turnover to the 20 billion USD mark. In that spirit, Minister Bui Thanh Son suggested that India consider reducing the application of trade barriers and trade defense measures on Vietnamese goods and services; facilitate procedures for importing steel from Vietnam. The Indian Foreign Minister supported the two sides to soon extend the Memorandum of Understanding on economic and trade cooperation for the 2018-2023 period; agreed to effectively implement the Framework Agreement on agricultural cooperation, which allows some fruit products and processed products of the two countries to be exported to each other's markets; propose that the two countries soon apply online payment methods.

Discussing development and education-training cooperation, the Indian Foreign Minister agreed to continue supporting Quick Impact Projects (QIPs) as well as annual scholarships under the Indian Technical and Economic Cooperation (ITEC) Programme and the Cultural Exchange Programme and Common Cultural Scholarship Programme (CEP/GCSS).

The two Ministers agreed to strengthen cooperation in science, technology and information, thereby promptly holding the 4th meeting of the Joint Working Group on Information Technology and negotiating and signing the Vietnam-India Digital Partnership Agreement. Minister Bui Thanh Son highly appreciated India's support for the restoration, conservation and embellishment of the World Cultural Heritage site of My Son, Quang Nam province; agreed to increase the exchange of delegations on arts and sports, encourage tourism businesses of the two countries to promote tourism, culture, cuisine, diversify tourism services and products, etc. The two Ministers agreed to consider increasing direct flights between the two countries to enhance cooperation in tourism, economy, trade and people-to-people exchange.

The two Ministers agreed to continue to coordinate and support each other at multilateral forums, especially at the United Nations. Foreign Minister Jaishankar affirmed that India supports ASEAN's central role in the regional structure, considering ASEAN the focus of India's "Act East" policy; and agreed to strengthen Mekong-Ganga cooperation.

The two sides agreed to affirm the importance of maintaining peace, stability, security, safety, freedom of navigation and aviation and compliance with international law in the East Sea, peacefully resolving disputes based on international law, especially UNCLOS 1982, including full respect for diplomatic and legal processes, not threatening or using force, and refraining from actions that complicate or escalate conflicts, affecting peace and stability in the region and the world.

At the end of the 18th Session of the Joint Committee for Economic, Trade, Scientific and Technological Cooperation, the two Ministers signed the Minutes of the Session and agreed to hold the 19th Session of the Joint Committee on Economic, Trade, Scientific and Technological Cooperation in India at a suitable time. The two Ministers also attended the launching ceremony of the Vietnam-India joint stamp set commemorating the 50th anniversary of the establishment of diplomatic relations between the two countries (1972-2022).

On this occasion, Minister Jaishankar respectfully invited Minister Bui Thanh Son to pay an official visit to India./.

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