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Vietnam, Egypt seek to beef up trade ties

The second meeting of the Vietnam – Egypt Sub-Committee on Trade and Industry Cooperation was held virtually on August 18 under the co-chair of Vietnamese Deputy Minister of Industry and Trade Cao Quoc Hung and his Egyptian counterpart Ibrahim El-Seginy.
Vietnam, Egypt seek to beef up trade ties ảnh 1At the event (Photo: MoIT)

Hanoi (VNA) – The second meeting of the Vietnam – Egypt Sub-Committeeon Trade and Industry Cooperation was held virtually on August 18 under theco-chair of Vietnamese Deputy Minister of Industry and Trade Cao Quoc Hung and his Egyptian counterpart Ibrahim El-Seginy.

Both sides reviewed trade and industry cooperation since thefirst meeting in April 2018, discussed regional and global situation affectingbilateral economic ties, and reached consensus on several specific measurestackling difficulties in export-import.

They debated cooperation opportunities in industry, orientations and measuresto further improve bilateral economic connectivity, and remedy the impacts of the COVID-19 pandemic.

The two sides agreed to build a mechanism to share information regarding marketdemand, export-import management regulations, quarantine, and goods qualitymanagement.

෴ They expressed wish for further collaboration among relevantagencies to offer market navigation opportunities to each other, especially for agro-fishery products, in line with bilateral and multilateral international commitments.

Online trade and investment promotion activities will be held to link the twocountries’ investors and businesses together amid the COVID-19 pandemic. At thesame time, logistics cooperation opportunities will be enhanced, includingbuilding logistics projects, holding seminars and training human resources inthe field.

They also shared each country’s industrial developmentpolicies and priorities to seek cooperation opportunities in trade andinvestment, as well as explored the possibility of joint work in electricity,apparel, chemicals, automobiles, construction materials and telecommunications.

On this occasion, Vietnamsuggested that Egypt open the market for a number of Vietnam’s agriculturalproducts, including dragon fruit, lychee, ginger and turmeric; as well as supportand create favourable conditions for Vietnamese enterprises exporting to Egyptto meet requirements set by the country.

The successful session once againaffirms the importance of the mechanism of Vietnam – Egypt Sub-Committee on Trade and Industry Cooperation to strengthening economic and trade cooperation between the twocountries, especially in the context that world and regional trade activitiesare facing many difficulties, with the increasing protectionism and tradetensions between major powers.

According to the Ministry of Industry and Trade, Egypt is currently one of themost important trade partners and a potential market of Vietnam in NorthAfrica.

Data from Vietnam Customsshows that the two-way trade between Vietnam and Egypt in 2020 reached 515million USD, up 4.8 percent against 2019. In the first six months of 2021, Vietnam’sexport turnover to Egypt was 238.7 million USD, a year-on-year rise of 11.4percent.

Vietnam’s main exports to Egypt include computers, electronic products andcomponents; metals; fiber; machinery and equipment; seafood; cashew; phones andaccessories; pepper; coffee; vegetables; and garment.

ඣ Meanwhile, the country imports vegetables and fruits, plasticmaterials, DAP fertilizer, and raw materials for textile and footwear production./.

VNA
꧟#Vietnam – Egypt Sub-Committee on Trade and Industry Cooperation #Vietnamplus #Vietnam News Agency ℱ#Vietnamese Deputy Minister of Industry and Trade Cao Quoc Hung Egypt Vietnam

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