Deputy Minister of Industry and Trade Cao Quoc Hung (Source: VNA) Phnom Penh (VNA) – Potential for enhancing trade ties between India and CLMV countries (Cambodia, Laos, Myanmarand Vietnam) was highlighted at a conference which opened in Phnom Penh,Cambodia on May 21.
Themed “India-CLMV Economic Development: Collaboration for Regional Integration”, the two-day event saw representatives from trade ministries,sectors, localities and big enterprises of India and those from the fourcountries.
In his opening remarks, Vietnamese Deputy Minister of Industry and Trade CaoQuoc Hung highly valued cooperation between the CLMV countries and India,saying that India always considers ASEAN in general and the CLMV countries inparticular as a focus in its Act East Policy.
He affirmed that the maintenance of such events will be an opportunity tofurther promote regional integration between India and CLMV countries.
Hung also pointed out potential for pushing the cooperation mechanism.
H said India has the strength in capital, technology, new and renewable energy,education, pharmaceuticals, and high-tech products, while CLMV countries haveadvantages in production of textiles and garment, footwear, agriculturalproducts, wood, minerals, vegetables, machinery components, which can meetIndia’s import demand.
However, Hung also mentioned difficulties and challenges facing the regionalintegration between India and the CLMV countries such as differences ininfrastructure quality, lack of connection, unimproved border tradeinfrastructure.
Hung suggested the countries enhance traffic infrastructure connection,especially those in India’s northeast region and Myanmar - the two importantpoints to connect India with CLMV countries.
The countries should also strengthen institutional linkage by harmonising tradeinvestment and finance policies, he added.
He believed that the regional integration between India and the CLMV countrieswill be fostered on par with the potential available once the above-mentioned measuresare implemented effectively.
The fifth India-CLMV trade conference focuses on topics related to manufacturingindustry, agro-forestry-aquaculture, health care, education, IT and vocational training.
Bilateraldiscussion sessions between India and each CLMV country are also arranged inthe framework of the event.
Relations between India and the CLMV countries have been growing since Indiaestablished the diplomatic ties with each of them, and the partnership with ASEANin 1992.
The CLMV countries are also the gateways for India to enter the ASEAN marketand other FTA markets that the CLMV countries are members. Meanwhile, India isthe gateway for the CLMV countries to penetrate other South Asian countries bytaking advantage of the South Asian Association for Regional Cooperation(SAARC).
The advantage from the Greater Mekong Subregion (GMS) cooperation mechanism’sEast-West Economic Corridor (GMS) is also a favourable condition for strongertrade cooperation between India and the CLMV countries in the future.
Trade between Indiaand the CLMV countries hit 14.5 billion USD in 2017. India is the largest tradepartner of the CLMV countries in South Asia.-VNA
Themed “India-CLMV Economic Development: Collaboration for Regional Integration”, the two-day event saw representatives from trade ministries,sectors, localities and big enterprises of India and those from the fourcountries.
In his opening remarks, Vietnamese Deputy Minister of Industry and Trade CaoQuoc Hung highly valued cooperation between the CLMV countries and India,saying that India always considers ASEAN in general and the CLMV countries inparticular as a focus in its Act East Policy.
He affirmed that the maintenance of such events will be an opportunity tofurther promote regional integration between India and CLMV countries.
Hung also pointed out potential for pushing the cooperation mechanism.
H said India has the strength in capital, technology, new and renewable energy,education, pharmaceuticals, and high-tech products, while CLMV countries haveadvantages in production of textiles and garment, footwear, agriculturalproducts, wood, minerals, vegetables, machinery components, which can meetIndia’s import demand.
However, Hung also mentioned difficulties and challenges facing the regionalintegration between India and the CLMV countries such as differences ininfrastructure quality, lack of connection, unimproved border tradeinfrastructure.
Hung suggested the countries enhance traffic infrastructure connection,especially those in India’s northeast region and Myanmar - the two importantpoints to connect India with CLMV countries.
The countries should also strengthen institutional linkage by harmonising tradeinvestment and finance policies, he added.
He believed that the regional integration between India and the CLMV countrieswill be fostered on par with the potential available once the above-mentioned measuresare implemented effectively.
The fifth India-CLMV trade conference focuses on topics related to manufacturingindustry, agro-forestry-aquaculture, health care, education, IT and vocational training.
Bilateraldiscussion sessions between India and each CLMV country are also arranged inthe framework of the event.
Relations between India and the CLMV countries have been growing since Indiaestablished the diplomatic ties with each of them, and the partnership with ASEANin 1992.
The CLMV countries are also the gateways for India to enter the ASEAN marketand other FTA markets that the CLMV countries are members. Meanwhile, India isthe gateway for the CLMV countries to penetrate other South Asian countries bytaking advantage of the South Asian Association for Regional Cooperation(SAARC).
The advantage from the Greater Mekong Subregion (GMS) cooperation mechanism’sEast-West Economic Corridor (GMS) is also a favourable condition for strongertrade cooperation between India and the CLMV countries in the future.
Trade between Indiaand the CLMV countries hit 14.5 billion USD in 2017. India is the largest tradepartner of the CLMV countries in South Asia.-VNA
VNA
