Ambassador Le Thi Tuyet Mai, head of the Vietnamese Permanent Mission of Vietnam to the United Nations, World Trade Organisation (WTO), and other international organisations (Photo: VNA) Hanoi (VNA) - Vietnamhas highlighted India’s economic achievements despite global instabilities,trade tension and the COVID-19 pandemic at the WTO’s 7th review of India’s tradepolicies and practices.
At the event held onJanuary 6 – 8, Ambassador Le Thi Tuyet Mai, head of the PermanentMission of Vietnam to the United Nations, World Trade Organisation (WTO), andother international organisations, said the economy kept its average growth at7.36 percent for 2015-2020 and 4.2 percent for 2019-2020.
Underscoringincreasingly strengthened comprehensive strategic partnership between Vietnamand India, the diplomat said India has been one of important trade andinvestment partners of Vietnam in the past decade and among the top ten biggesttrade partner of Vietnam in recent years.
She agreed with anumber of India’s stances and affirmed that adhering to the WTO’s trade rulesis the only solution to the emerging crisis and it will continue to play anactive role in maintaining and strengthening a fair and equal multilateraltrading system.
She also talkedabout Vietnam’s concern over India’s trade measures that have created unnecessarycommercial barriers and restrictions.
Mai stated Vietnam,as a member of the ASEAN - a trade partner of India, is working closely withIndia to seek suitable solutions to the issue and is willing to join India inpropelling the development of regional supply chains and post-pandemic economicrecovery.
In their jointremark at the meeting, ASEAN member states said India is an important tradepartner of the bloc, with the ASEAN-India dialogue relations quickly growingfrom a sectoral dialogue partnership in 1992 to a full dialogue partnership inDecember 1995.
India becomesASEAN's sixth largest trading partner and eighth largest source of foreigndirect investment (FDI).
The bloc alsowelcomed the outcome of the 17th ASEAN-India Economic Ministers' Consultationson August 29 last year, in which sides involved considered a multilateraltrading system a driving force behind post-pandemic economic recovery and theimplementation of the ASEAN-India Free Trade Area for mutual benefits.
Taking into accountIndia’s key contributions to boosting the development and reform of the WTO,ASEAN reaffirmed its strong commitment and cooperation with India inmaintaining an open, inclusive, transparent, and non-discriminatorymultilateral trading system based on WTO rules.
Trade Policy Reviewsare an exercise, mandated in the WTO agreements, in which member countries’trade and related policies are examined and evaluated at regular intervals. India has been a WTO member since 1995./.
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