Vietnamese Minister of Industry and Trade Nguyen Hong Dien. (Photo: VNA) They agreed that the bilateral economic and commercial partnership is at itsbest ever, with the two economiescomplementing one another.
Data showed that their trade has risen significantly in recent years. Vietnamis currently Australia's 12th largest trading partner and 9th largest exportmarket. Meanwhile, Australia is the 7th largest trading partner of Vietnam.
The ministers expressed their delight at the increasingnumber of Vietnamese enterprises established and operating in Australia and Australian businesses’ remarkable contributions to the Vietnamese economy and vice versa.
Talking about mutual benefits brought about by the above-said strategy,particularly in the areas of trade, industry, agriculture, energy, digitaleconomy, and education, the two sides reaffirmed they will further carry out it effectively.
They agreed to soon sign a memorandum of understanding onthe establishment of a ministerial-level dialogue mechanism on trade and co-chairthe first dialogue – a key initiative in the strategy for this year.
Confirming their commitments to devote efforts to the WorldTrade Organisation (WTO) serving the creation of a rules-based framework forglobal trade, Dien and Farrell concurred to continue building positive momentumtowards the 13th WTO Ministerial Conference (MC13) slated for 2024.
They took note of the importance of trade agreements that bothnations are members – such as the ASEAN-Australia-New Zealand Free Trade Area(AANZFTA), the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) – in supportingfree trade and economic growth. Australia’s engagement in the ASEAN-led process wasalso acknowledged.
The ministers stressed that their countries are jointlyaddressing new opportunities and challenges such as the digital economy, supplychains, energy and the climate./.
VNA
