Home / Knowledge / News / Textiles / Vietnam requests market economy status

Vietnam requests market economy status

07
Jul '07
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


Must ReadView All

Pic: Shutterstock/humphery

Textiles | On 18th Sep 2021

China wants to join CPTPP; Japan to consult members to respond to bid

Chinese commerce minister Wang Wentao recently submitted an...

Pic: Shutterstock

Textiles | On 18th Sep 2021

Eurozone GDP recovers quicker than expected after lockdowns: EU report

The eurozone economy recovered more rapidly than considered earlier...

Pic: Shutterstock

Apparel/Garments | On 18th Sep 2021

BGMEA urges Canadian buyers to source apparel from Bangladesh

Bangladesh Garment Manufacturers and Exporters Association (BGMEA)...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Textile Industry, Head honchos

Textile Industry
Head honchos

Uniform designing is a numbers game

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry craft and utility

Shyam Gupta,

Shyam Gupta

Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...

Kurt Wedgwood,

Kurt Wedgwood

From design to raw material to fabrication and ultimately to delivery -...

David Guiho,

David Guiho

Headquartered in Apt, South of France, Delta Plus designs, manufactures...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Shaan Sethi, Jaanuu

Shaan Sethi
Jaanuu

Jaanuu, a vertically integrated e-commerce company, has reimagined the...

Seth Casden, Hologenix

Seth Casden
Hologenix

Hologenix is a material sciences company dedicated to developing products...

Gavin Miguel, Label Gavin Miguel

Gavin Miguel
Label Gavin Miguel

Acclaimed fashion designer <b>Gavin Migue</b>l is known for his couture...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by <b>Aprajita Toor</b> were born out of a deep desire to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search