Vietnam seeks market economy status from India

New Delhi, July 6: Vietnam has sought market economy status under the WTO mechanism from India in a bid to push exports and attract investments by Indian companies, claiming its economy is qualified for the status.

Under terms of the World Trade Organisation, market economy status practically means non-discirimatory treatment under anti-dumping laws.

Deputy Trade Minister of Vietnam Nguyen Danh Vinh made the request during a meeting with Minister of State for Commerce and Industry Ashwani Kumar here today, an official statement said.

Dr Kumar informed the Vietnamese delegation that decision on this issue would require thorough examination and necessary deliberations at various levels.

Calling for speedy conclusion of Indo-ASEAN free trade agreement, Mr Vinh also requested for greater market access for coffee, tea and pepper. But Dr Kumar said these products are also important to India in terms of economic value and employment and, therefore, any decision on the issue would require a win-win situation for both countries.

Stating that Vietnam wants high bilateral trade with India, Mr Vinh hoped that greater Indian investment would flow into Vietnam.

While Vietnam has bilateral trade worth over 10 billion dollars each with China and the United States, it is just one billion dollar with India.

However, agreeing with his Vietnamese counterpart for greater economic engagement between the two countries, Dr Kumar said Indian companies can invest in energy sector in Vietnam. ''Trade relations with Vietnam are very much a part of India's Look East Policy,'' he added.

The Vietnamese Minister proposed setting up of a Forum for Trade and Investment Policy Exchange which could provide a platform for engagement of officers and businessmen from both countries in the area of investment promotion, tourism and trade facilitation. Dr Kumar agreed with the proposal, the statement said.

India exports oilmeals, drugs and pharmaceuticals, primary and semi-finished iron and steel, while it imports spices, coal, coke and organic chemicals from Vietnam.

UNI

Related Stories

Vietnam open to FTA with India: Vietnamese PM

View Gallery

India-Vietnam bhai-bhai!
>