Vietnam, Pakistan set US$500 million target for bilateral trade
Vietnam and Pakistan are aiming to raise their two-way trade value to US$500 million in the 2012-2013 fiscal year.
The target was set at the second meeting of the Vietnam-Pakistan Joint Sub-committee on trade held in Islamabad on August 28-29.
The two parties reviewed the implementation of agreements reached in Hanoi in October 2011 and devised measures to further boost economic and trade relations.
They agreed to remove trade barriers, strengthen information exchange and encourage businesses from both nations to take part in trade and investment promotion activities.
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Graph of two-way trade turnover between Pakistan and Vietnam |
They also signed a memorandum of understanding recognising Vietnam’s full market economy status.
Pakistan expressed its hope that Vietnam will soon facilitate visa applications for its nationals visiting for business purposes. In reply, Vietnam proposed that Pakistan should work to prevent trade fraud.
Vietnam Deputy Minister of Industry and Trade Le Duong Quang also held a separate meeting with the Pakistan Minister of Commerce, Makhdoom Amin Fahim.