Shrimp processing line for export in Binh Chanh district, Ho Chi Minh City. (Photo: Hong Dat/VNA)
In the context of the world economy witnessing fluctuations due to the threat of tariffs from the US government, VNA reporters in New Delhi interviewed former Indian Minister of Industry and Trade, Mr. Suresh Prabhu, to get more information and advice to help countries under pressure from the above fluctuations.
First of all, regarding the Vietnam-India relationship, former Minister Suresh Prabhu said that Vietnam is a very important partner, not only in terms of economic development, but also in terms of India's overall strategic relationship. India wants to expand this relationship and wants to do more to benefit both countries, especially in the field of trade. He affirmed that this bilateral relationship will become better and better.
Mr. Suresh Prabhu considers Vietnam a "development model for any developing country," because Vietnam has fully integrated into the global supply chain.
According to him, as an exception in opening up the economy and achieving rapid growth, Vietnam now stands out as a typical example of what can be done to benefit the countries it is cooperating with, as well as Vietnam itself. Therefore, Vietnam is a model that countries should learn from at a time when the world economy is slowing down with many uncertainties and challenges.
Regarding the current "hot" topic of countries' trade surplus with the US and the issue of reciprocal tariffs, Mr. Suresh Prabhu said that this is only a temporary problem, "like blood pressure in the body, sometimes it increases, sometimes it decreases." Countries with this problem first need to have a strategy on what needs to be done, then have a dialogue to find the cause and then have appropriate measures to solve the problem, helping both sides benefit. Therefore, the visit of high-ranking government officials will help remove barriers between the two sides.
According to Mr. Suresh Prabhu, the parties should negotiate a free trade agreement (FTA) to enhance cooperation and avoid unnecessary disputes.
Besides, former Minister Suresh Prabhu opposed all forms of war, be it military war or trade war because it is not good for any side.
Regarding trade disputes, he stated that the World Trade Organization (WTO) is the most transparent and appropriate international mechanism to resolve the problem.
In addition, Mr. Suresh Prabhu affirmed that the Association of Southeast Asian Nations (ASEAN) is a very important bloc for India and is also one of the major trading partners of the South Asian country.
According to him, India and Vietnam have a very broad partnership, covering strategic areas such as economy, society, people, culture and trade. Therefore, he said that the two countries should consider promoting discussions on the possibility of signing a bilateral FTA, which would help bring benefits in the import and export of goods and services to both sides, thereby opening up more business opportunities and creating more jobs in both countries./.
Vietnamplus.vn
Source: https://www.vietnamplus.vn/viet-nam-la-hinh-mau-cho-cac-quoc-gia-dang-phat-trien-post1020234.vnp
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