Economic and Trade Cooperation Current Affairs

India and Vietnam inked 3 agreements

India and Vietnam have signed three agreements including landmark pact on civil nuclear cooperation to boost bilateral relations. These agreements were inked after Prime Minister Narendra Modi held talks with visiting President of Vietnam, Tran Dai Quang in New Delhi. Vietnam is one of India’s closest strategic partners in the ASEAN region.

Signed Agreements are

MoU on Economic and Trade Cooperation: Its purpose is to establish a framework for enhancing economic and trade promotion.

MoU on Cooperation in the field of atomic energy: It was signed between the Global Centre for Nuclear Energy Partnership, India (GCNEP) and Vietnam Atomic Energy Institute (VINATOM). Its purpose is to strengthen the technical cooperation in the field of atomic energy for peaceful purposes.

Work Plan for years 2018-2022 in Agriculture: It was signed between Indian Council of Agricultural Research (ICAR) and Ministry of Agriculture and Rural Development of Vietnam. Its purpose is to promote cooperation in transfer of technology and exchange of visits of technical experts in the fields of agriculture and allied.

Key Takeaways from Joint Statement issued

India and Vietnam agreed to work for independent, open and prosperous Indo-Pacific region where sovereignty and international laws are respected and disputes are resolved through dialogue. They are committed to expanding maritime ties and ensure an open, transparent, inclusive and rules-based regional architecture.

Both countries will work together for regional security, including maritime and cyber security. They respect the UN Convention on the Law of the Sea (UNCLOS) and will further deepen Comprehensive Strategic Partnership.

Both countries agreed to increase cooperation in defence production and also explore possibilities in co-production and transfer of technology in defence sector as defence and security is important pillar of the strong bilateral ties.

Both countries will further strengthen trade and investment ties, including in sectors like agriculture and agro-products, renewable energy, textiles and oil and gas. They will also strengthen their longstanding bilateral partnership in oil and gas and explore possibilities of working with other countries for trilateral partnership. They will increase two-way investment and hoped that bilateral trade will reach $15 billion by 2020.

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