Vietnam, Australia discuss ways to step up economic cooperation
Vietnamese Minister of Industry and Trade Nguyen Hong Dien had a working session with Australian Minister for Trade and Tourism Don Farrell in Hanoi on April 17, discussing specific measures to enhance economic and commercial ties and effectively implement the Vietnam - Australia Enhanced Economic Engagement Strategy.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien. (Photo: VNA)
Hanoi (VNA) – Vietnamese Minister of Industry and TradeNguyen Hong Dien had a working session with Australian Minister for Trade and Tourism DonFarrell in Hanoi on April 17, discussing specific measures to enhance economic and commercial ties and effectively implement the Vietnam - Australia Enhanced Economic Engagement Strategy.
They agreed that the bilateral economic and commercial partnership is at itsbest ever, with the two economiescomplementing one another.
Data showed that their trade has risen significantly in recent years. Vietnamis currently Australia's 12th largest trading partner and 9th largest exportmarket. Meanwhile, Australia is the 7th largest trading partner of Vietnam.
The ministers expressed their delight at the increasingnumber of Vietnamese enterprises established and operating in Australia and Australian businesses’ remarkable contributions to the Vietnamese economy and vice versa.
Talking about mutual benefits brought about by the above-said strategy,particularly in the areas of trade, industry, agriculture, energy, digitaleconomy, and education, the two sides reaffirmed they will further carry out it effectively.
They agreed to soon sign a memorandum of understanding onthe establishment of a ministerial-level dialogue mechanism on trade and co-chairthe first dialogue – a key initiative in the strategy for this year.
Confirming their commitments to devote efforts to the WorldTrade Organisation (WTO) serving the creation of a rules-based framework forglobal trade, Dien and Farrell concurred to continue building positive momentumtowards the 13th WTO Ministerial Conference (MC13) slated for 2024.
They took note of the importance of trade agreements that bothnations are members – such as the ASEAN-Australia-New Zealand Free Trade Area(AANZFTA), the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) – in supportingfree trade and economic growth. Australia’s engagement in the ASEAN-led process wasalso acknowledged.
The ministers stressed that their countries are jointlyaddressing new opportunities and challenges such as the digital economy, supplychains, energy and the climate./.
Since the establishment of diplomatic ties 50 years ago, Vietnam and Australia have built a strong and enduring relationship with diverse and increasing interests. In March 2018, the two countries officially upgraded ties to a Strategic Partnership, opening a new page in bilateral relations.
Party General Secretary Nguyen Phu Trong and visiting Australian Governor-General David Hurley spoke of the building of a new cooperation framework during their meeting in Hanoi on April 4.
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The third Vietnam-Australia Economic Partnership Meeting was held in Hanoi on April 17 under the co-chair of Minister of Planning and Investment Nguyen Chi Dung and Australian Minister for Trade and Tourism Don Farrell.
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Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien. (Photo: VNA) 
