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HÀ NỘI — The opportunities for Việt Nam to tap the Australian market are huge if businesses create competitive products up to international standards, experts have said.

 

According to the Ministry of Industry and Trade, Việt Nam and Australia enjoy favourable conditions to boost economic and trade ties.

 

Two-way trade reached US$5.26 billion in 2016, a year-on-year increase of 6.5 per cent.

 

The Vietnamese trade office in Australia said Việt Nam posted a trade surplus of about US$480 million in 2016.

 

Growth was seen in cameras and spare parts, iron and steel products, apparel and footwear materials, computers, electronic products and components, and interior decoration.

 

Australia has demand for Vietnamese staples such as garment-textiles, footwear, seafood, and timber products.

 

It also imports Vietnamese lychees, which have enjoyed a surge in export turnover over the past two years.

 

The Vietnamese trade office in Australia noted that Australian consumers are open to imported goods and they care about quality, appearance and price.

 

The most urgent thing to do is to popularise Vietnamese products and connect businesses with the market.

 

Australian importers do not accept products which fail to meet their quality standards and they attach great importance to long-term business partnerships.

 

Robert Chua, an Australian market consultant, said import demand in Australia is huge but Vietnamese products are not strong enough to dominate the market.

 

In fact, Australia imports various products from Asia-Pacific countries, including Việt Nam, especially footwear and garment-textiles.

 

Therefore, it is essential to improve the quality management of manufacturing factories and abide by global criteria on plant protection drugs, dyes and food additives, experts suggested.

 

Businesses could invite quality control experts and skilled workers from Australia to work in Việt Nam to popularise locally-made products, they advised.

 

Minister of Industry and Trade Trần Tuấn Anh called on the two sides to exert efforts to drive bilateral trade forward, on par with their economic potential and comprehensive partnership.

 

The enforcement of the free trade agreement between ASEAN, Australia and New Zealand has helped increase Việt Nam-Australia trade ties, creating a significant milestone in the two countries’ relationship, he added.

 

The Ministry of Industry and Trade will entrust its Import-Export Department to address difficulties via a hotline and simplify administrative procedures as well as promulgate documents to highlight opportunities and challenges from free trade agreements for businesses to help them boost exports, he said.

 

Since Việt Nam and Australia normalised relations in 1973, bilateral ties have been reinforced by external affairs, trade, and economy.

 

Bilateral rapport has developed since the two nations set up a comprehensive partnership in 2009, especially in economy and trade. — VNS

 

Source:Viet Nam News

The first round of negotiations on Peru-India trade agreement is going to take place during the initial six months of 2017, said Edgar Vasquez, Vice Minister of Foreign Trade, Peru.

 

“Peru can be a very attractive destination for investors from India as the country has a predictable, stable and transparent regime for international investors,” he said while addressing a session jointly organised by Federation of Indian Chambers of Commerce and Industry (FICCI) and Embassy of Peru in India on Wednesday in New Delhi.

 

“There are many sectors that are opened by Peru government for trade and investment, he added.

 

Speaking at the session, Ashok Das, Joint Secretary (LAC) in the External Affairs Ministry, said that both the countries were having negotiations on a framework to strengthen trade and investment ties as there was huge potential to promote bilateral relations.

 

Though the trade figures between the nations have been impressive the numbers could rise considerably once the trade pact comes into place, he added.

 

Das said that the two countries could also look for joint projects possibilities in bilateral and multilateral contracts while adding that active mechanisms are in place for periodically exchanging ideas between the sides.

 

In September last year, Peru and India concluded a joint feasibility study for a pact in trade in goods & services, investment and bilateral cooperation. The study showed the potential to expand bilateral trade between the two countries. It also found out that the two economies were complementary.

 

Source:The Dollar Business

New Delhi: There is a broad recognition in the US that Indian IT professionals contribute to making the US economy more competitive, an Indian official said on Thursday amid speculation that the Donald Trump administration plans to curb the flow of Indian software professionals into the US.

 

In his weekly media briefing, Indian foreign ministry spokesman Gopal Baglay said that foreign secretary S. Jaishankar and commerce secretary Rita Teotia had raised the issues with US officials during a visit to the US last week.

 

“There was a wide-ranging and strong recognition as well as respect for Indian skills and contribution of the Indian technological manpower to the US economy. It is widely agreed that the presence of Indian technical professionals makes the United States more competitive and helps its economy,” he said. Senior US officials had stated that “illegal immigration and not H1B (visa) is their priority,” he said.

 

ALSO READ | Suspension on expedited H1B visa to affect IT firms: Nasscom

 

“It has been our view that the presence of skilled Indian professionals is a positive for the US economy as well, particularly when the US seeks to build a stronger economy,” Baglay said.

 

“We believe that the plans of the US Administration for the US economy present an opportunity for the two countries to further consolidate their strong economic partnership,” he said.

 

The comments come against the backdrop of apprehensions in India of a cut in the current limit of 65,000 H1B visas for skilled professionals. A PTI report said at least half a dozen bills have been tabled in the US house of representatives and the senate, contending that the programme eats into American jobs. Trump has promised to resolve the issue.

 

ALSO READ | Trump administration has very positive view of India-US ties: Jaishankar

 

H1B visas are used by firms hiring foreign professionals while the L1 is used for intra-company transfers.

 

On the Chinese media describing India’s nod to the Dalai Lama to visit Arunachal Pradesh—that China claims as its own—as an “act of hostility,” Baglay said that the Tibetan spiritual leader was a “revered religious figure who is treated as such by the Government and the people of India. The government has no say in his travels within India and no political meaning should be attached to them as such,” he added.

 

On the decision by US-based Christian charity Compassion International to close shop in India on suspicions of religious conversions, Baglay said all voluntary organisations—whether Indian or foreign—had to abide by the laws of the land they were operating in.

 

Source: Live Mint

New Delhi: There is a broad recognition in the US that Indian IT professionals contribute to making the US economy more competitive, an Indian official said on Thursday amid speculation that the Donald Trump administration plans to curb the flow of Indian software professionals into the US.

 

In his weekly media briefing, Indian foreign ministry spokesman Gopal Baglay said that foreign secretary S. Jaishankar and commerce secretary Rita Teotia had raised the issues with US officials during a visit to the US last week.

 

“There was a wide-ranging and strong recognition as well as respect for Indian skills and contribution of the Indian technological manpower to the US economy. It is widely agreed that the presence of Indian technical professionals makes the United States more competitive and helps its economy,” he said. Senior US officials had stated that “illegal immigration and not H1B (visa) is their priority,” he said.

 

ALSO READ | Suspension on expedited H1B visa to affect IT firms: Nasscom

 

“It has been our view that the presence of skilled Indian professionals is a positive for the US economy as well, particularly when the US seeks to build a stronger economy,” Baglay said.

 

“We believe that the plans of the US Administration for the US economy present an opportunity for the two countries to further consolidate their strong economic partnership,” he said.

 

The comments come against the backdrop of apprehensions in India of a cut in the current limit of 65,000 H1B visas for skilled professionals. A PTI report said at least half a dozen bills have been tabled in the US house of representatives and the senate, contending that the programme eats into American jobs. Trump has promised to resolve the issue.

 

ALSO READ | Trump administration has very positive view of India-US ties: Jaishankar

 

H1B visas are used by firms hiring foreign professionals while the L1 is used for intra-company transfers.

 

On the Chinese media describing India’s nod to the Dalai Lama to visit Arunachal Pradesh—that China claims as its own—as an “act of hostility,” Baglay said that the Tibetan spiritual leader was a “revered religious figure who is treated as such by the Government and the people of India. The government has no say in his travels within India and no political meaning should be attached to them as such,” he added.

 

On the decision by US-based Christian charity Compassion International to close shop in India on suspicions of religious conversions, Baglay said all voluntary organisations—whether Indian or foreign—had to abide by the laws of the land they were operating in.

 

Source: Live Mint

Australian natural resources minister Matthew Canavan has said the Adani group's integrated coal project in his country has about 70-80% support of the local community. Work on the Carmichael project would start within 2017.

 

By early 2018, first coal is likely to be produced. The Carmichael coal, railway and port project includes building Australia’s largest thermal coal mine in the north Galilee Basin approximately 160 km north-west of Clermont in Central Queensland. A new 388 km standard gauge rail line to a new terminal at Abbot Point Port near Bowen will also be built. According to the company, the combined mine, rail and port operations will provide over 10,000 direct and indirect jobs and supply opportunities for local businesses.

 

Canavan said, “Hope was in the horizon for the project despite all the delays." He said the project would be the first such one to get off the ground in the region spurring other investment. “The delays have been frustrating,” he told Business Standard in an interview. But now, only last mile clearances at the local level were pending, and federal and state clearances were in place.

 

Adani Mining Pty Ltd (Adani) began formal environmental assessment of the Carmichael Coal Mine and Rail Project (the Project) in 2010, through preparation of an Environmental Impact Statement (EIS), to address the state and federal government approval requirements. Local protests and court cases, however, delayed the project.

 

Canavan, who is on his first visit to India, has been an open supporter of the Adani project sometimes even courting controversy with the local media there.

 

On the opportunities available in India for Australian companies, he said they were concerned about the business environment in India especially with regard to clearances. He, however, was not much worried about this. “These things go in both directions,” he said referring to delays both in India and Australia.

 

Canavan said Australian companies were looking at opportunities in the mid sector of natural resource mining rather than commercial mining of coal. “If the Indian government is looking at attracting investment in the sector from Australia, there are opportunities for our country to share technologies, techniques, and investment directly. We are interested in mining engineering, technology service and logistics, what we call mid-sector. We are have a 10-year plan to try and grow that sector domestically. And we are also looking at international opportunities in this sector.”

 

The minister who is also in-charge of north Australia said there was great deal of competition between the two countries on something like coal. “We both can work together through trade,” he said. India imported 48.2 million tonne of coal in 2016 from Australia of which 4.8 mt was thermal coal. The country’s mainstay is coking coal used mainly by the steel industry. Thermal coal is used for power generation.

 

The Carmichael coal is likely to be imported to India. The project in December 2016 crossed a major milestone when it received approval for a permanent rail line and a temporary construction camp. Adani Power operates India’s largest single location private sector power plant in Mundra, Gujarat. The 4,620 mw project was primarily planned as an imported coal based power plant. It uses domestic coal as well.

 

Source:Business Standard