India grants market economy status to Vietnam

INDIA-VIETNAM

Prakash Chawla
Cha-Am Hua Hin (Thailand), Oct 25 (PTI) India Sunday said
it has granted the 'Market Economy Status' to Vietnam, which
responded by entering into the Indo-Association of South East
Asian Nations (ASEAN) Free Trade Agreement (FTA) that was
signed with other members of the 10-nation block in August.

"Yes we have granted the MES to Vietnam...and the
Vietnamese Prime Minister Nguyen Tan Dung thanked our Prime
Minister," Secretary (East) in the Ministry of External
Affairs N Ravi said. Singh had a bilateral meeting with the
Vietnamese leader.
The grant of MES would ensure that in the case of any
anti-dumping investigation in India against Vietnamese
imports, the information provided by that country would be
taken as transparent and correct.
In the absence of MES, the transparency of information on
a trade transaction is not taken at a face value.
While nine other ASEAN members - Brunei Darussalam,
Myanmar, Cambodia, Indonesia, Laos, Malaysia, the Philippines,
Singapore and Thailand had signed the trade opening pact with
India in August this year, Vietnam had insisted on getting MES
from India before it could join the agreement.
Though India has a small trade volume of USD 2.12
billion, the signing of FTA is likely to give it a boost, an
official said. PTI PC
ANU


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