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Tuesday, 3 April 2012

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Eight agreements signed in 2011:

SL, Vietnam trade to top US $ one billion



Vietnam stall at the Consumer Fair 2012
Picture by Sumanachandra Ariyawansa

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.

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