Pakistan Vietnam to ink FTA accord

Pakistan Vietnam to ink FTA accord

ISLAMABAD: Pakistan wanted to get market access in potential Vietnam market for competitiveness and also to compete with regional competitors in all sectors, including textile, auto mobile and food processing.

Pakistan and Vietnam shared current trade volume of $ 554 million as compared to only $97.6 million during the past decade, senior official of Ministry of commerce told APP here on Sunday.

He said that in fourth meeting of Joint Commission on Trade (JCT) between Pakistan and Vietnam was held in past week, in a meeting, where both sides were agreed to share initial list for bilateral Preferential Trade Agreement (PTA) leading to FTA for boosting bilateral trade, he said.

The official said that Pakistan and Vietnam had agreed to share initial list for initiating negotiations on bilateral Free Trade Agreement (FTA) for increasing trade ratio between the two countries.

He said the two sides acknowledged the importance of tariff concession in developing the bilateral trade, adding that Pakistan proposed tariff concession.

During negotiation in meeting, both sides discussed to enhance cooperation in a verity of sectors including textile and garments, energy, banking, air and sea connectivity, chemical, mechanical sectors besides agriculture machinery, automobile, food processing and infrastructural development.

Replying to another question, he said that during talks the two sides also reviewed the implementation status of decision of third JCT meeting held in Hanoi for reviewing the trade volume between the two sides.

The Pakistan’s side assured that all out support would be extended to Vietnamese investors in energy and other potential sectors for investment.

“We are satisfied with progress of bilateral trade dialogue between the two countries and matters are moving smoothly in perspective of boosting future trade," he said.