Vietnam proposes ideas for India-CLMV economic ties

Vietnam has introduced a six-point proposal aiming to boost economic and trade ties between Cambodia, Laos, Myanmar, and Vietnam and India, suggesting all parties minimise trade and investment barriers to each other’s businesses.

The countries should encourage their enterprises to make full use of their respective market access preferences, said Deputy Minister of Industry and Trade Do Thang Hai.

Hai led a delegation of 130 Vietnamese businesses and officials at a business forum between India and Cambodia, Laos and Myanmar and Vietnam (CLMV) held in New Delhi on December 11.

He also proposed that India assist CLMV in developing their infrastructure and cross-border transport systems that include land, railway, waterway and airway routes.

Hai stressed the need for these countries to simplify administrative procedures and make them highly transparent by developing modern customs system, and to strengthen collaboration within the ASEAN-India cooperation framework.

The officials underlined the necessity to speed up negotiations for the ASEAN-India free trade agreement, aiming to set up a comprehensive and full free trade area between the bloc and India, thus making it easier for both sides and other partners in talks for a Regional Comprehensive Economic Partnership (RCEP).

He also pointed to the need for the countries to share state management experience as well as strengthening expertise exchange and education affiliation.

Vietnam is aware that the enhancement of regional and sub-regional partnership is significant to economic growth of both Vietnam and the region, he stated, adding that the country always supports India’s initiatives and proposals to beef up ASEAN-India ties.

The country is working hard with other ASEAN members for the establishment of an ASEAN Economic Community in 2015, making it a 600 million-strong single market that has a total GDP of nearly 2.5 trillion USD, he affirmed.

Chandrajit Banerjee, Director General of the Confederation of Indian Industry, said he hopes the event serves as a chance for policy-makers from CLMV to meet and talk with Indian businesses on opportunities to foster Indian-CLMV partnership.