India Vietnam Trade Agreement


THE IFEO recently asked the Ministry of Commerce to speed up negotiations on the Trade and Investment Agreement (BTIA), launched in 2007 and launched in 2007, but which has been on the brink since 2013 due to differences in key areas. India granted Vietnam the status of most favoured nation in 1975[5] and the two nations signed a bilateral trade agreement in 1978 and, on 8 March 1997, the Bilateral Investment Promotion and Protection Agreement (BIPPA). [6] The Indo-Vietnam Joint Business Council has been committed to trade and investment since 1993. In 2003, the two nations proclaimed a joint declaration of comprehensive cooperation when the Secretary General of the Vietnamese Communist Party, N`ng`c Menh, visited India and the two nations negotiated a free trade agreement. [5] [7] A new joint statement was made in 2007 during the state visit of Vietnamese Prime Minister Nguyen Tén D ng. [9] Bilateral trade has grown rapidly since the liberalization of the economies of Vietnam and India. [5] India is the 13th largest exporter after Vietnam, with exports steadily increasing from $11.5 million in 1985-86 to $395.68 million in 2003. [6] Vietnamese exports to India increased to $180 million, including agricultural products, handicrafts, textiles, electronics and other goods. [10] Between 2001 and 2006, the volume of bilateral trade increased by 20-30% per year to reach $1 billion by 2006.

[7] [11] In pursuit of rapid growth, bilateral trade is expected to reach $2 billion by 2008, two years ahead of the official target. [8] [11] India and Vietnam have also strengthened cooperation in the areas of information technology, education and cooperation of national space programmes. [9] Direct air links and lax visa rules have been introduced to promote tourism. [12] “Today, India must conclude reciprocal agreements that need to be developed bilaterally, but unfortunately, all of these bilateral agreements may not be coherent,” Palit said. The free trade agreement was ratified on June 8 and will ensure duty-free trade for 99 percent of the goods, as reported by Reuters. After the decline in Chinese demand due to the pandemic, Vietnam is looking for alternative buyers for its agricultural exports. The removal of India`s trade barriers to importing agricultural products may open a new market for Vietnamese agricultural exporters. In addition, there is significant potential for investment in livestock techniques, irrigation techniques and storage facilities. Vietnam`s topography, climate and fertile soil make it suitable for coffee plantations.

The TATA Group has announced its intention to invest in the installation of agricultural machinery to meet demand in the Mekong Delta. So where is India, where trade policy makers are discussing plans to woo companies that are withdrawing from China? 2020 will mark the 42nd anniversary of bilateral trade between India and Vietnam. Vietnam and India have had strong bilateral relations in the past and trade between the two countries has increased considerably over the past two decades. These economic ties have materialized in several Indian investments in Vietnam in different sectors. According to Palit, India`s global trade interests would have been largely protected if the country had not left the RCEP mega-agreement, which, in its original form, had 16 nations, including India. India and Vietnam are both members of the Mekong Ganga cooperation, which was established to develop and improve close relations between India and Southeast Asian nations. Vietnam supported India`s attempt to become a permanent member of the UN Security Council and to join the Asia-Pacific Economic Cooperation (APEC). [17] In the 2003 Joint Declaration, India and Vietnam intended to create an “Arc of Advantage and Prosperity” in Southeast Asia; [9] To this end, Vietnam has expressed its support for increasing the importance of relations between India and the Association of Southeast Asian Nations (ASEAN) and the negotiation of


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