They agreed that the bilateral economic and commercial partnership is at its best ever, with the two economies complementing one another.
Data showed that their trade has risen significantly in recent years. Vietnam is currently Australia's 12th largest trading partner and 9th largest export market. Meanwhile, Australia is the 7th largest trading partner of Vietnam.
The ministers expressed their delight at the increasing number of Vietnamese enterprises established and operating in Australia and Australian businesses’ remarkable contributions to the Vietnamese economy and vice versa.
Talking about mutual benefits brought about by the above-said strategy, particularly in the areas of trade, industry, agriculture, energy, digital economy, and education, the two sides reaffirmed they will further carry out it effectively.
They agreed to soon sign a memorandum of understanding on the establishment of a ministerial-level dialogue mechanism on trade and co-chair the first dialogue – a key initiative in the strategy for this year.
Confirming their commitments to devote efforts to the World Trade Organisation (WTO) serving the creation of a rules-based framework for global trade, Dien and Farrell concurred to continue building positive momentum towards the 13th WTO Ministerial Conference (MC13) slated for 2024.
They took note of the importance of trade agreements that both nations are members – such as the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – in supporting free trade and economic growth. Australia’s engagement in the ASEAN-led process was also acknowledged.
The ministers stressed that their countries are jointly addressing new opportunities and challenges such as the digital economy, supply chains, energy and the climate.
