5th Meeting of India-Vietnam Joint Trade Sub-Commission
- 10 Aug 2023
On 8th August, 2023, India hosted the 5th meeting of the India-Vietnam Joint Trade Sub-Commission (JTSC), signifying a renewed focus on enhancing bilateral trade and economic cooperation between the two nations.
Key Points:
- Vietnam's Trade Significance: Vietnam ranks as the 23rd largest global trade partner of India and holds the 5th position among ASEAN countries in bilateral trade.
- Bilateral Trade: The two nations recorded bilateral trade amounting to USD 14.70 billion during the fiscal year 2022-23, with Vietnam contributing 11.2% to India's overall trade with ASEAN.
- Expansion of Trade: Notably, Vietnam emerges as a vital destination for India's iron and steel products, as well as agricultural and animal commodities, including meat products, animal fodder, cereals, and marine items.
- Exploring Untapped Potential: The meeting revolved around a comprehensive review of bilateral trade and economic cooperation progress.
- Both sides deliberated on strategies to unlock untapped potential, allowing the business communities of the two nations to mutually benefit from the partnership between two of the world's fastest-growing economies.
- Identifying Growth Sectors: Both nations identified promising sectors for expanded trade cooperation, encompassing agriculture, fisheries, textiles, footwear, pharmaceuticals, chemicals, machinery, energy, and the automobile industry.
- Addressing Concerns and Proposals: The Indian side raised pertinent issues, including pending registration of Indian fishery and meat establishments for export, market access limitations in public procurement of pharmaceuticals, and anti-dumping duties imposed on specific Indian products.
- Potential Avenues: The Indian delegation also emphasized potential avenues in the service sector, proposing collaboration in IT, financial services, education, tourism, healthcare, telemedicine, and the start-up ecosystem.
