Naveed Miraj & Shahid Qureshi
ISLAMABAD: The mutual trade volume between Pakistan and Vietnam is likely to reach $1 billion in the Fiscal Year 2023-24 and there is an urgent need to resolve mutual trade disputes in a timely manner. There is a need to increase mutual capacity to resolve commercial disputes, for which arbitration, mediation, and referral mechanisms need to be made comprehensive and implementable, speakers in a workshop said on Thursday.
The workshop on the theme of “Improving Capacity to handle trade disputes, removing bottlenecks, expanding opportunities for Vietnam -Pakistan, economic, trade and investment cooperation” was arranged by Embassy of Vietnam in Pakistan.
The speakers emphasized free trade deals, mutual direct flights and increasing the mutual business ties of the private sector in both nations and exchange of trade delegations to increase mutual trade between Pakistan and Vietnam.
On this occasion, Vietnam’s ambassador to Pakistan Nguyen Tien Phong, Pakistan’s ambassador to Vietnam Samina Mehtab, Director of Trade Disputes and Resolution Ministry of Commerce Abdul Salam Shah, President of Faisalabad Chamber of Commerce and Industry Dr. Khurram Tariq, President of Karachi Chamber of Commerce Iftikhar Ahmad Sheikh, and other businessmen.
The presidents of the trade Chambers, trade association and representatives of the public and private sector of both sides while addressing the workshop emphasized on solving the trade disputes to increase the mutual trade between the two nations and asked for the creation of mechanism and implementation of action to resolve these disputes.
The ambassador of Vietnam to Pakistan Nguyen Tien Phong said that in this financial year 2023-24, mutual trade between Pakistan and Vietnam will reach one billion dollars.
Vietnam’s envoy for mechanism to resolve disputes in advance
He said that there is a need for a mechanism to resolve disputes in advance and mutual trade issues should be resolved within a certain period of time.
He said that Pakistan-European Union (GSP- Plus) and Vietnam-European Union Free Trade Agreement are very important for increasing bilateral trade between Pakistan and Vietnam, which both nations can take advantage of to increase their trade.
The diplomat said that in the year 2021, the mutual trade between the two countries was 790 million dollars, which reached to 940 million dollars 2022, and in the ongoing financial year 2023-24.
The diplomat said that there is a need for a dynamic partnership between the two nations which would resolve the trade disputes in advance by emphasizing only on mutual benefit and make quick decisions on these disputes.
He said that at this time the public and private sector institutions of both nations need to come closer and the role of chambers and business associations and media is very important for which information and awareness should be raised on both sides.
He further said that these days there is less information and awareness about each other’s markets in both of the countries, which should be increased.
On this occasion, Ambassador of Pakistan in Vietnam Samina Mahtab said that in the financial year 2023-24, the volume of mutual trade between the two nations will reach 1 billion dollars, similarly in 2021, the mutual trade between the two countries was up to 514 million dollars.
