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VietNamNews

Viet Nam moves to step up regional trade

Update: December, 13/2014 - 10:23
A proposal has been made to boost trade between between CLMV block and India. —Photo sites.google.com
HA NOI (VNS)  — Viet Nam has introduced a six-point proposal to boost economic and trade ties between Cambodia, Laos, Myanmar, and Viet Nam (the CLMV bloc) and India.

All parties were advised to minimise trade and investment barriers to promote the progress of businesses.

The countries should also encourage their enterprises to take full advantage of their respective market access preferences, said Deputy Minister of Industry and Trade Do Thang Hai.

Hai led a delegation of 130 Vietnamese business owners and officials during a business forum between CLMV and India on Thursday in New Delhi.

He also proposed that India extend assistance to CLMV to develop their infrastructure and cross-border transport systems, including land, railway, waterway and airway routes.

Hai stressed the need for these countries to simplify administrative procedures and promote transparency by developing modern, as well as to strengthen collaboration within the ASEAN-India cooperation framework.

The officials emphasised the need to expedite negotiations for the ASEAN-India free trade agreement, aiming to create a comprehensive free trade area between the bloc and India.

This will provide more convenience to both sides and other partners in talks for a Regional Comprehensive Economic Partnership.

He also pointed to the need for the countries to share state management experience, as well as to fortify expertise exchange and education affiliation.

Viet Nam is aware that the enhancement of regional and sub-regional partnerships is significant to the economic growth of both the country and the region, he stated.

He added that the country has consistently supported India's initiatives and proposals to boost ASEAN-India ties.

The country is working hard with other ASEAN members for the establishment of an ASEAN Economic Community in 2015, making it a 600-million-strong single market with a total GDP of nearly US$2.5 trillion, he affirmed.

Chandrajit Banerjee, director general of the Confederation of Indian Industry, said he hoped the event would provide a platform for policy-makers from the CLMV bloc to meet with Indian business owners and discuss opportunities to foster the Indian-CLMV partnership. — VNS

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