Vietnam, Uruguay look to expand economic cooperation

Deputy Minister of Industry and Trade Do Thang Hai and Uruguayan Deputy Minister of Foreign Relations Carolina Ache Batlle on October 21 co-chaired the second meeting of the Vietnam-Uruguay Joint Committee on economic, trade and investment cooperation.

Deputy Minister of Industry and Trade Do Thang Hai at the virtual event (Photo: VNA)
Deputy Minister of Industry and Trade Do Thang Hai at the virtual event (Photo: VNA)

During the online event, the two sides reviewed cooperation between the two nations across fields from economy, trade, investment, finance to agriculture and science and technology since the first meeting held in October 2018 in Uruguay's Montevideo capital city. They discussed and proposed plans to further promote bilateral cooperation in the coming time.

They agreed that bilateral trade relations still remains modest and has yet to match the potential. They underlined the need to promote cooperation in bilateral and multilateral frameworks, and diversify import and export products.

The two sides should focus on promoting trade promotion and connection activities, and supporting the business community in seeking markets and business opportunities towards gradually recovering post-COVID-19 bilateral trade.

Data from the General Department of Vietnam Customs show that the total import-export turnover between Vietnam and Uruguay in 2020 reached US$70.76 million, down 6.89 percent year-on-year.

For agricultural cooperation, the two sides welcomed the establishment of direct contacts to continue to exchange technical issues in the process of licensing for potential agricultural products to be exported to each other's markets.

They also suggested cooperation in food safety, customs, science and technology, software, and wood exploitation and processing.

The successful organisation of the meeting is a clear proof of the fruitful relationship and determination to promote all-around cooperation between the two countries.