New Delhi: Strengthening comprehensive strategic partnership remained the key outcome between India and Vietnam following the talk between Vietnamese Prime Minister Pham Minh Chinh and Prime Minister Narendra Modi on Thursday.
In a statement, as two rapidly growing economies, Modi and Chinh agreed to reinforce cooperation at the level of governments and businesses for increasing two-way trade, investment and technological partnership.
The Vietnamese PM is on an official visit to New Delhi. He is the second head of government to visit India in PM Modi's 3rd term. The visit comes days after the passing away of General Secretary of the Communist Party of Vietnam Nguyen Phu Trong.
The Ministry of External Affairs (MEA) said that the leaders agreed to further elevate trade from the present level of around US$ 15 billion. Both sides also agreed on the need for closer cooperation on removing trade barriers with a view to facilitating and enhancing bilateral trade. They concurred that the ongoing review of the ASEAN-India Trade in Goods Agreement should generate a more user-friendly, simple and trade-facilitative regime for both countries.
Both Prime Ministers reviewed the deep-rooted and long-standing friendship between the two countries and expressed their satisfaction with the strong development of bilateral relations since the elevation of the relationship to a Comprehensive Strategic Partnership in 2016.
The leaders agreed to continue the effective implementation of the outcomes of high-level talks and visits in recent years, including the India-Vietnam Joint Vision for Peace, Prosperity and People in 2020, and the outcomes of the meetings between Prime Minister Modi and Prime Minister Chinh on Thursday among others.
The joint statement noted that the leaders agreed that the current geo-political realities call for closer cooperation between the two countries. They recognised convergence in their worldview and expressed support for a greater voice and role for Global South in international affairs.
The leaders agreed to further strengthen the Vietnam-India Comprehensive Strategic Partnership in all areas. The leaders agreed to continue efforts to promote investment flows between the two countries.
Vietnam welcomed investment from India in infrastructure, high technology, source technology, clean technology, information technology, support and manufacturing industries, textile, automobile and materials industry, green agriculture, smart agriculture, innovation and startups, semi-conductors, renewable energy and energy conservation projects, electricity generation, biogas and polyester fabrics, among others, in Vietnam.
Moreover, India welcomed investment from Vietnam in agriculture, agro-processing, aquaculture, wood processing, urban development and infrastructure, production of bamboo and forestry products, hospitality and tourism, digital technology, e-vehicles, healthcare and services in India. This mutual commitment aims to further strengthen the economic cooperation between the two countries, the MEA added.
As two coastal countries in the region, they agreed to bolster cooperation in oceanography, marine sciences and blue economy, as well as in capacity building in this area. The leaders also reiterated their mutually beneficial cooperation in the oil and gas sector, including exploration and production in Vietnam’s continental shelf.
The leaders agreed to enhance the sharing of experiences in building regulations and policies supporting the promotion of e-commerce and the digital economy.
They also encouraged relevant government agencies and businesses of both sides to explore cooperation opportunities in green economy, circular economy, digital economy and critical industries such as rare earth elements, semiconductors, and nano materials.