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 recently. Prime Minister NarendraModi held delegation level talks with Vietnamese President Tran Dai Quang, 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,” the joint statement said. 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.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.
