Economy
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| Minister of Industry and Trade Trần Tuấn Anh said Việt Nam and the Philippines should consider extending their rice trade deal, which will expire at the end of this year, for a new period of 2017-2020. — VNA/VNS Photo |
VIENTIANE — Minister of Industry and Trade Trần Tuấn Anh said Việt Nam and the Philippines should consider extending their rice trade deal, which will expire at the end of this year, for a new period of 2017-2020.
He made the proposal during a meeting with his Philippine counterpart, Ramon Lopez, in Vientiane, Laos, yesterday, on the sidelines of the 48th ASEAN Economic Ministers’ Meeting and related meetings.
Minister Anh suggested that the Philippines organise the second meeting of the Việt Nam-Philippines Joint Sub-Committee on Trade at a convenient time to foster co-operation and tackle emerging problems in bilateral trade ties, as well as to discuss specific measures to boost two-way trade in the future.
Lopez lauded Việt Nam’s proposal to extent the bilateral rice trade deal, affirming that he will discuss the matter with relevant ministries and agencies in his country.
He agreed to organise the second meeting of the Việt Nam-Philippines Joint Sub-Committee on Trade in the third quarter of this year, and invited his Vietnamese counterpart to co-chair the event in the Philippines.
Both sides expressed pleasure at the growing bilateral trade partnership over the past few years, with two-way trade reaching nearly US$3 billion last year and $1.52 billion in the first half of 2016, a rise of 15.3 per cent year-on-year.
So far this year, Việt Nam has exported $1.08 billion worth of goods to the Philippines, up 17.5 per cent, while importing $443 million worth of goods, an increase of 10.3 per cent.
An upturn has been seen in both bilateral trading volume and value, while the goods being traded have become more diverse. Việt Nam mainly exports agricultural products, processed foodstuff and construction materials to the Philippines, while importing computers, electronic accessories and fertiliser. — VNS
