Vietnamese Minister of Industry and Trade Vu Huy Hoang (Source :VNA)

Hanoi (VNA)
– Vietnam and Mexico have agreed to set up a joint committee on economic, trade, and investment cooperation.

The agreement to this effect was inked by Vietnam Minister of Industry and Trade Vu Huy Hoang and Mexican Secretary of Economy IIdefonso Guajardo Villarreal in Auckland, New Zealand on February 4 on the sidelines of the signing ceremony for the Trans-Pacific Partnership (TPP) agreement.

The committee will be co-chaired by the two ministers and is expected to co-ordinate the two countries’ cooperational activities in the fields.

After 40 years since the establishment of diplomatic ties, the two countries’ economic, trade and investment cooperation has developed remarkably well but it is still below its full potential.

The formation of the joint committee aims to take full advantage of the opportunities presented by TPP, to which the two countries are signatory states.

Vietnam and Mexico established diplomatic relations on May 19, 1975 and since then the politic-diplomatic relationship between the two countries has developed both bilaterally and through multilateral forums.

The economic-trade cooperation between the two countries has seen strong strides and Mexico was Vietnam’s second large trade partner in South America, behind only Brazil. Meanwhile, Vietnam was Mexico’s 12th largest trade partner in the Asian-Pacific region.-VNA