Business community declare Vietnam as Pakistan’s major trading partner

Business community declare Vietnam as Pakistan's major trading partner

ISLAMABAD, Nov 20 (APP): The business community and traders on Monday declared Vietnam as Pakistan’s major trading partner in the near future and after bilateral trade increases up to $1 billion, more economic ties will be established between the two countries.

President Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawari told APP here that there was a need for sector-to-sector talks to increase Vietnam-Pakistan trade.

After the finalization of the Preferential Trade Agreement (PTA) between the two countries, there was a strong possibility of increasing the volume of mutual trade, he said.

The president said that effort would be made to increase mutual economic and trade relations with full potential between the two countries, which could be taken forward with the cooperation of the business communities of both the countries.
President of the Faisalabad Chamber of Commerce and Industry Dr. Khurram Tariq, also emphasized that trade agreements must be strictly implemented.

He said that the mutual trade volume between the two countries in 2021 was up to $514 million, which would reach $1 billion in the current fiscal year.

He said,“We need mutual cooperation at the sectoral level and along with this; the public and private sectors should play their full role for resolving trade disputes.”

President of Karachi Chamber of Commerce Iftikhar Ahmad Sheikh stressed on solving the trade disputes to increase the mutual trade between the two countries and asked for creation of a mechanism for implementation of to resolve the issues.

Meanwhile talking to APP, Ambassador of Vietnam to Pakistan, Nguyen Tien Phong said bilateral trade between Pakistan and Vietnam would reach $1 billion during the fiscal year 2023-24.

He said the bilateral trade could be increased further, but there was the need for a mechanism to resolve disputes in advance.

The ambassador said that the two countries could take advantage of the Vietnam-European Union Free Trade Agreement and Pakistan-European Union (GSP- Plus), which were very important for increasing bilateral trade.

The envoy said that in the year 2021, the mutual trade between the two countries was $790 million and $940 million in 2022, and was expected to reach $ 1 billion in the ongoing financial year.

He said that there was a need for a dynamic partnership between the two countries which would resolve trade disputes in advance by emphasizing only on mutual benefit and making quick decisions.

The public and private sector institutions of both countries needed to come closer and the role of chambers and business associations along with the media was very important for creating awareness about each other’s markets, he added.

APP Services