Eight agreements signed in 2011:
SL, Vietnam trade to top US $ one billion
Ramani KANGARAARACHCHI
Vietnam stall at the Consumer Fair 2012
Picture by Sumanachandra Ariyawansa
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Vietnam and Sri Lanka will strive towards a trade turnover of USD one
billion between the two countries in the coming years and the
possibility of a preferential trade agreement between the two countries
also will be explored, Institute of Policy Studies (IPS) Sri Lanka
Research Assistant Chandana Karunaratne said at a seminar organized by
Vietnam Embassy in Sri Lanka and the IPS on Exploring the Potential for
Sri Lanka-Vietnam Economic Cooperation on Friday.
He said the two countries have signed eight agreements and MoUs in
2011 and both countries will undertake measures to promote trade
facilitation, including identification and removal of non-tariff
barriers. Karunaratne said that both sides will look to diversify the
basket of traded goods while carrying out simplification and
harmonization of mutually recognized standards.
The areas that the two countries see much potential for cooperation
include oil and gas, telecommunication, agriculture, seafood processing,
construction, air services and tourism.
The chief guest at the event Senior Minister Economic Cooperation Dr
Sarath Amunugama said, Sri Lanka and Vietnam need to learn the changes
that are taking place in troubled economies for the benefit of the two
countries and plan to make the most of this situation to our advantage.
He said a good labour market is essential and it is necessary to
discuss discipline to attract destination for investors as fiscal
discipline is very vital. Dr Amunugama said Sri Lanka can learn a lot
from Vietnam as it has a vibrant and highly competitive approach to
markets.
There is also a need for policy consistence and it should not change
often.
Vietnam participated at the Consumer Fair 2012 for the first time in
Sri Lanka and has decided to take part annually. |