In the session it was informed that the selected product sectors for special promotional measures include Leather and Leather products, Pharmaceutical and Sea foods from Pakistan side while the Vietnam authorities would launch promotional campaign to increase export of Tea, Cotton and Synthetic Fiber and Fisheries to Pakistan. – File photo

ISLAMABAD: The bilateral trade volume between Pakistan and Vietnam would be enhanced to US$500 million by the end of 2013.

The target of bilateral trade was set in the two-day second session of Joint Trade Commission (JTC) between Pakistan and Vietnam which was concluded here on Wednesday.

In the session it was informed that the selected product sectors for special promotional measures include Leather and Leather products, Pharmaceutical and Sea foods from Pakistan side while the Vietnam authorities would launch promotional campaign to increase export of Tea, Cotton and Synthetic Fiber and Fisheries to Pakistan.

In the session Pakistan’s delegation was led by Tahir Raza Naqvi, Chief Executive Trade Development Authority of Pakistan (TDAP) while the Vietnamese delegation was led by Le Duong Quang, Deputy Minister of Ministry of Industry and Trade of Vietnam.

The JTC deliberated on the measures to enhance and promote bilateral trade between the two countries including simplification of Visa procedures for businessmen, exchange of trade and commercial information between the trade promotion agencies and institutionalizing cooperation among the state trading corporations of both the countries.

The Vietnamese side assured that the Ministry of Industry and Trade of Vietnam will facilitate Pakistan businessmen in getting visa.

Vietnam also assured Pakistan to consider waiving off the requirement of a Vietnamese sponsor. However, for the time being if Pakistani businessmen have a sponsor in Vietnam, the Commercial Section of Ministry is satisfied, it will become the Sponsor for Pakistani businessmen.

During the meeting, an MoU was signed wherein Pakistan recognized Vietnam a Full Market Economy.

Vietnam assured Pakistan of its full support in its bid to become the Full Dialogue Partner of ASEAN.

The agreed roadmap to work closely for enhanced trade in the specified sector includes exchange of delegations, participation in fairs/exhibitions, sharing of information on quality standards and trade procedures between the two sides.

The Vietnamese businesses were invited to participate in the forthcoming Expo Pakistan 2012. The TDAP Chief Executive assured of full cooperation to be extended to the business group of Vietnam intending to participate in the Expo Pakistan.

Later, the Vietnamese delegation led by Mr. Le Duong Quang Deputy Minister of Ministry of Industry and Trade of Vietnam met Senior Commerce Minister Makhdoom Amin Fahimn in his office.

Both sides discussed the different aspects of trade relations between the two countries. It was informed that the existing trade volume is far below than the potential both countries have. Both sides showed great motivation to achieve the target of US$500 million bilateral trade between Pakistan and Vietnam by December 2013.