ISLAMABAD, March 25: Commerce Minister Humayun Akhtar Khan has proposed joint ventures in food processing, packing and electrical power systems with Vietnam to increase the current volume of trade between the two countries.

The minister made the proposal at a meeting with Vietnamese Trade Minister Truong Dinh Tuyen here on Thursday. Both the ministers agreed to raise the present level of trade and economic cooperation between the two countries.

Mr Khan said that for maximum cooperation in trade and investment the possibilities of joint ventures existed in many areas. It was stressed that in the rapidly changing scenario in the international market, active and serious partnership by the private sectors of the two countries to boost up trade and economic relations was a must.

The minister said that there was a tremendous scope for commercial cooperation as both the countries had complementary economies and their bilateral trade testifies the fact as Pakistani exports to Vietnam are cotton yarn, cotton fabrics, raw cotton, surgical instruments, leather, cotton waste and synthetic textiles whereas Vietnamese exports to Pakistan are tea, jute, dry chilies, cashew nuts, coffee, beans and pulses.

He emphasized the need of exploring new areas of mutual trade and investment by entering into bilateral trade agreements. He also brought to the notice of Mr Tuyen the high tariffs for Pakistani exports to Vietnam, which needed to be rationalized.

Mr Tuyen said that Vietnam would soon establish a trade office at Karachi, to explore new avenues for trade and investment. He expressed that both the countries should share their experiences in the fields like cotton and rice production, seafood production, fish farming, textile machinery, pharmaceutical, etc.

The Vietnamese minister assured that his government would look into these issues positively. He also invited a business delegation to visit Vietnam and have interaction with its business community for the benefit of both the countries.