Vietnam has requested India to grant market economy status under the WTO mechanism and stated that its economy is well qualified for the same.
The request was communicated by Mr. Nguyen Danh Vinh, Deputy Trade Minister of Vietnam during his meeting with Dr. Ashwani Kumar, Minister of State for Industry.
Dr. Kumar informed the Vietnamese delegation that a decision on this issue would require a thorough examination and necessary deliberations at various levels.
Mr. Vinh also emphasised the need to speedily conclude the Indo-ASEAN Free Trade Agreement and made specific requests for greater market access on certain agricultural products of importance to Vietnam.
Dr. Kumar observed that the same products are also important to India both in terms of economic value and employment and any decision on the issue would require a win-win situation for both countries.
Vietnam expressed keenness to take bilateral trade with India to a much higher level and hope that greater Indian investment would flow into Vietnam.
While Vietnam had bilateral trade in excess of US $ 10 billion each with China and US its trade with India has just touched US $ 1 billion.
Dr. Kumar also agreed with the need for greater economic engagement between the two countries and highlighted energy sector as one particular area where Indian companies can invest in Vietnam. “Trade relations with Vietnam are very much a part of India's Look East Policy”,he said.
The Vietnamese Minister proposed setting up of a Forum for Trade and Investment Policy Exchange which could provide a platform for engagement of officers and businessmen from both countries to engage on trade and investment relations, in the area of investment promotion, tourism, trade facilitation etc. Dr. Kumar agreed with the value of such a Forum and both countries would work towards setting up the same.
Press Information Bureau Government of India
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