Vietnam, Australia work to boost two-way trade

At the meeting (Photo: Ministry of Industry and Trade)_

Hanoi (VNA) – A trade working group within the framework of the Ministerial-level Vietnam-Australia Economic Partnership Meeting convened an online meeting on October 27.

The two sides reviewed the implementation of contents reached in last year's meeting, discussed bilateral and multilateral trade issues and those at regional and global forums, measures to tackle trade difficulties and the progress of building the Vietnam-Australia economic cooperation enhancement strategy amid the COVID-19 pandemic.

The Vietnamese side suggested Australia offer more active assistance in opening the market for Vietnamese agro-forestry-fishery products to reach more balanced and sustainable trade, boost collaboration in trade defence, competition management, industry and energy, e-commerce, trade and investment promotion, technical support in the implementation of free trade agreements to which both countries are members.

Vietnam proposed Australia raise the awareness of its associations, businesses and localities about bilateral trade promotion activities.

The Australian side spoke highly of Vietnam’s role in its trade and suggested boosting cooperation in the fields of education-training, mining and tourism.

Vietnam expressed wish to work more closely with Australia to launch priority cooperation in education-training and planning of universities and exchange of students and lecturers.

The Southeast Asian nation also proposed soon completing the signing of a Protocol amending the aviation agreement signed by the two Governments in 1995, thus creating favourable conditions for the two nations’ airlines to operate direct flights.

On multilateral issues, the two sides reviewed cooperation within regional and global frameworks, including the serious delivery of commitments in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

They also suggested ways to deal with common issues related to origin certification in the CPTPP, expressed their determination to soon sign the Regional Comprehensive Economic Partnership (RCEP) this year, and shared opinions on reforms in the World Trade Organisation (WTO). 

Both sides pledged to continue working closely together to realise the Vietnam-Australia economic cooperation enhancement strategy and reporting trade coordination contents to the Ministerial-level Vietnam-Australia Economic Partnership Meeting scheduled for late 2020 and early 2021.

Trade between Vietnam and Australia grew by 8.2 percent on average during the 2010-2019 period, amounting to over 7.9 billion USD in 2019, up 3 percent annually.

In the first nine months of this year, the figure went up 2.3 percent annually to over 6.1 billion USD./.