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High level Vietnamese delegation in Delhi for trade talks with TPCI

 A high level Vietnamese delegation from Ministry of Agriculture and Rural Development of Vietnam met a Trade Promotion Council of India (TPCI) delegation, in Delhi on 24 October 2018 to discuss and enhance bilateral trade between the two countries.

Vietnamese delegation was led by Mr. Tran Thanh Nam, Deputy Minister of the Ministry,accompanied by senior government officials and Vietnamese businessmen from the agriculture sector.

The Vietnamese ambassador to India Mr. Pham Sanh Chau will also be present in the meeting.

 The TPCI delegation is led by its Chairman, Mohit Singla.

            Vietnamese and TPCI delegations will discuss business opportunities and future cooperation between India and Vietnam as well as ways and means to promote Indusfood in Vietnam.

            Vietnam is seeing high economic growth and expansion of trade and investment, which has resulted in Vietnam moving out of the category of Least Developed Country (LDC) and become part of new lower middle income country (MIC). It has also seen sharp truncation in poverty levels, which has resulted in bolstering the growth of GDP, currently estimated at USD 200.8 billion.

            India-Vietnam bilateral trade stood at USD 7.8 billion in 2015-16 with India maintaining a positive trade balance. During 2016, 16 MoUs were signed between the two countries during the visits of Indian Prime Minister to Vietnam and Vietnamese President to India focusing areas like  information technology, cyber security, health, software development and training, aviation, shipping, civil nuclear cooperation.

            Though India is an agrarian exporter, broadly its trade basket is complimentary and there is immense scope for increasing bilateral trade. Also, trade in services is another way for enhancing India’s trade, as under India-ASEAN services trade agreement, mobility of skilled and semi-skilled labourers has been liberalized and it can be used as a policy instrument.

            Vietnam requires technological assistance for its socio-economic and trade logistics development for which India is an appropriate partner and both the countries discussed expansion of trade and investment so as to achieve the target of USD 15 billion worth of bilateral trade by 2020.

                       Trade Promotion Council of India (TPCI) is an apex trade body under the Ministry of Commerce which focuses on promoting and facilitating trade, with focus on agri and food, education, IT and entertainment as also chemicals, plastic and telecom sectors.

 

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