Pak-Vietnam agree to share initial list for expected FTA

ISLAMABAD, Oct 5 (APP): Pakistan and Vietnam have agreed to
share initial list for initiating negotiations on bilateral
Free Trade Agreement (FTA) for increasing trade ratio in both
the countries.
In fourth meeting of Joint Commission on Trade (JCT) between Pakistan
and Vietnam concluded here Thursday, in a meeting both sides were agreed to share initial list for bilateral Preferential Trade Agreement (PTA) leading to FTA for boosting bilateral trade, senior official of Ministry of commerce told APP.
He said the two sides acknowledged the importance of tariff
concession in developing the bilateral trade, adding that Pakistan
proposed tariff concession with same advantages as with the
Association of South East Asian Nations (ASEAN) countires.
During two days negotiation, both sides discussed to enhance
cooperation in a varity 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 question, he said that Pakistan and Vietnam shared
current trade volume of $ 554 million as compare to only $97.6
million during the past decade.
The two sides also negotiated for competitiveness and Pakistan
want to get market access in potential Vietnam market to compete
with regional competitors, he said.
“We are satisfied with progress of bilateral trade dialogue
between the two countries and matters are moving smoothly in
perspective of boosting future tarde.
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.