Pakistan encouraged to maximize benefits from Vietnam’s Free Trade Agreements
Published on: March 20, 2024.
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Vietnam Urges Pakistan to Benefit from Free Trade Agreements, Offers Collaboration Opportunities
Vietnam has extended an invitation to Pakistan, encouraging them to take advantage of the numerous opportunities presented by the free trade agreements (FTAs) that Vietnam has signed with several countries, including the European Union, the United States, Britain, Australia, New Zealand, Japan, and South Korea. In turn, Vietnam can benefit from Pakistan’s GSP Plus status.
Nguyen Tien Phong, the Vietnamese Ambassador, emphasized the potential collaboration between Vietnam and Pakistan, stating that both countries can capitalize on each other’s strengths. While discussing trade prospects with the President of the Lahore Chamber of Commerce and Industry (LCCI), Kashif Anwar, Phong highlighted the need for business-to-business and people-to-people contacts. He also proposed the idea of issuing e-visas to promote business activities between the two nations.
The ambassador shed light on various sectors where collaboration would be advantageous, particularly in the field of tourism. He emphasized the textile sector, mentioning that Vietnam imports yarn and cotton from Pakistan, produces garments, and exports them to the EU, Japan, and the US. Phong suggested that Pakistan could also import fiber from Vietnam to produce fabrics for exports.
Information technology was also identified as a critical area for collaboration, as Vietnam currently has affiliations with Japan, India, South Korea, and other countries.
The agricultural sector was highlighted as an important area with great potential. Phong shared Vietnam’s success story of transforming from a food-insecure country in 1986 to becoming the world’s third-largest rice exporter in 1989. He also emphasized the trade and investment potential of other sectors, such as Halal food, seafood, and fish farming.
Kashif Anwar, President of the LCCI, expressed that Vietnam and Pakistan have maintained strong diplomatic relations for over 50 years, starting in 1972. He acknowledged Vietnam’s impressive progress in various economic sectors, including industrial, agricultural, and services. Anwar commented that Pakistan can learn from Vietnam’s economic model.
Vietnam’s global exports have exceeded $370 billion, while imports have reached over $358 billion. Anwar concluded by stating that there is much to gain from collaboration with Vietnam.
Source: [The Express Tribune](https://tribune.com.pk)
