India and Vietnam will explore "substantive and practical measures" to achieve the bilateral trade target of USD 15 billion by 2020, according to a joint statement issued in New Delhi. Prime Minister Narendra Modi held delegation level talks with Vietnamese President Tran Dai Quang on Saturday, who is on a three-day India visit.
The joint statement further said both the sides agreed to hold the next Meeting of the Joint Sub-Commission on Trade in Vietnam's capital city Hanoi in 2018 at the earliest. "In order to realize potential to both increase the volume of trade and diversify its composition, they (Modi and Tran) requested the relevant ministries and agencies on both sides to explore substantive and practical measures to achieve the trade target of USD 15 billion by 2020 including but not limited to utilising established mechanisms, strengthening exchanges of trade delegations, business-to-business contacts, regular organisation of trade fairs and events,".
As per the statement, both the sides urged leaders of business and industry of both countries to explore new trade and investment opportunities in identified priority areas of cooperation. The Vietnamese president applauded Prime Minister Modi's efforts which improved India's ranking in the 'ease of doing business', it added.
Referring to defence cooperation, the joint statement pointed out that their cooperation in oil and gas exploration, thermal and hydroelectric power and renewable energy and energy conservation is registering remarkable progress. The Vietnamese president "welcomed Indian businesses to expand their oil and gas exploration and exploitation activities on land and in the continental shelf and Exclusive Economic Zone (EEZ) of Vietnam," the joint statement said.
It also pointed out that the Vietnamese side took note of the request by India on actively considering signing the Framework Agreement of the International Solar Alliance with a view to strengthening the cooperation in the renewable energy space.