INDIA-VIETNAM JTSC (Syllabus: GS Paper 2 - IR)

Context:  The 5th meeting of India-Vietnam Joint Trade Sub-Commission (JTSC) was held in New Delhi. 

• This meeting was held after a gap of more than four years since 4th JTSC meeting held in January 2019, on account of COVID-19 pandemic and other factors.

Key Points

• Both sides reviewed the progress on bilateral trade and economic cooperation and discussed ways to unlock the vast untapped potential in bilateral trade to enable the business communities from the two sides to benefit from the partnership of two of the fastest growing economies.
• The Indian side also suggested Mutual Recognition Agreements (MRAs) on professional services, internationalization of RuPay card, QR based payment system, and domestic currency trade settlement.
• Vietnam is the 23rd largest global trade partner of India and the 5th largest among ASEAN countries with bilateral trade of USD 14.70 Bn during 2022-23. 
• Vietnam accounts for 11.2% of India’s total trade with ASEAN. 
• Vietnam is an important destination for India’s iron & steel and agricultural and animal products mainly meat products, animal fodder, cereals and marine products.