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India-Vietnam target $15 billion bilateral trade by 2020; focus on services sector

 

India-Vietnam trade conferenceIndia’s most favoured trade partner Vietnam is one of the fastest growing economies among the ASEAN countries. Addressing an International conference on India-Vietnam economic ties in New Delhi on July 26, Union Minister of Commerce & Industry and Civil Aviation Suresh Prabhu said that India values the cultural and religious similarities between the two countries. “However, it is the “Act East Policy” initiated by the Prime Minister of India, which has opened the doors to realize the tremendous potential for mutual growth,” stressed Prabhu.

According to the minister, India and Vietnam hold key positions in this region in both trade, and commerce, political and security issues. As a member of ASEAN, Vietnam is an enabler for India’s growing ties with rest of ASEAN, which is the focus of India’s Act East Policy. Both counties have extensive economic ties in oil exploration, agriculture, manufacturing and defence and are now looking at the services sector which is the new growth engine in global trade.

India granted “Most Favoured Nation” status to Vietnam in 1975.  Bilateral trade has grown tremendously since then and both nations have agreed on a target of USD 15 billion by 2020.

Ambassador of the Socialist Republic of Vietnam, Ton Sinh Thanh was also present at the inauguration of the international conference.

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