The second meeting of the Intergovernmental Commission on Economic Affairs and Technical Cooperation between Vietnam and Peru is held recently via video teleconference. (Photo: Ministry of Industry and Trade)Hanoi (VNA) – Vietnam views Peru as an important partner in Latin America andstands ready to step up cooperation with the country to recover global tradeand supply chains, said Deputy Minister of Industry and Trade Do Thang Hai.
Theglobal economy is full of uncertainty so enhancing bilateral and multilateralrelations is critical to speeding up the global economic recovery, Hai told thesecond meeting of the Intergovernmental Commission on Economic Affairs andTechnical Cooperation between Vietnam and Peru, held recently via video teleconference.
Duringthe meeting, the two sides reviewed what had been done since the first meetingof the commission which took place in Lima in October 2017, and chalked outfuture plans to boost their multifaceted partnership, particularly in economy,trade and investment.
Bothsides spoke highly of the results of the two countries’ economic and traderelations in recent years despite the impacts of COVID-19. Data shows that Vietnam-Perutrade reached 633.8 million USD last year, a surge of 62% from 2020. It was thefirst time two-way trade had exceeded 500 million USD, making Peru Vietnam’s sixthlargest trade partner in Latin America.
Vietnamand Peru have together become signatories to a free trade agreement for thefirst time after they signed the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP) with nine others in 2018. The trade dealentered into force in Peru on September 19, 2021, paving the way for expandingbilateral ties in trade and investment.
Giventhat their shares in each other’s markets remain modest, there is plenty ofroom for greater growth through the CPTPP.
DeputyMinister Hai asked Peru to provide continued support for Vietnamese investorscurrently doing business in Peru, and offer the best conditions for thoseplanning to invest in the Latin American country.
DeputyForeign Minister of Peru Enrique Chávez Basagoitia said the bilateralpartnership has been further reinforced through their accession to theAsia-Pacific Economic Cooperation (APEC), the Forum of East Asia-Latin AmericanCooperation (FEALAC), the CPTPP, and others
Haisuggested that now the COVID-19 pandemic is under control, authorities fromboth countries should increase market information exchanges and ramp up tradeand investment promotion events.
Bothsides later agreed to take measures to boost trade exchanges through theCPTPP, diversify import-export portfolios, foster trade of their key productsand facilitate market opening, especially for agricultural products.
Theyalso discussed the possibility of expanding cooperation in science-technology,fishery, health care and within multilateral frameworks.
Accordingto the Ministry of Industry and Trade, Vietnam-Peru trade rose by 79.1% from353.8 million USD in 2016 to 633.8 million USD in 2021.
Vietnam’sexports to Peru soared 84.4% last year to 559.9 million USD. Key items includedphones, computers, electronics, footwear, clinker and cement, plastics, garmentsand textiles, and aquatic products./.
