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World Association for
Small and Medium Enterprises

WASME advocates the need for Free Trade Agreement (FTA) between India-Vietnam to promote SMEs

On February 22, 2023, World Association for Small and Medium Enterprises (WASME), held a Round Table discussion on the “Need for Free Trade Agreement (FTA) between India and Vietnam” at 10:00 AM at the WASME International Secretariat in Noida, India.

The discussion was a key milestone in the same road map of strengthening bilateral relations between two countries leading to concluding the signing of Free Trade Agreement (FTA )/ Comprehensive Economic Partnership Agreement (CEPA) so as to promote small and medium enterprises (SMEs) in both the countries

H.E. Mr. Hai Thanh Nguyen, Ambassador of Vietnam to Indiawas the chief guest at the event. The discussion was attended by WASME leaders including Dr. Sampa Banerjee, Executive Director, Dr. Sanjiv Layek, Executive Secretary andWASME Think Tank for SMEs, Ms. Archana Sharma, Director Planning and Development, WASME and Ms. Nikita Singla, Associate Director BRIEF. Many distinguished leaders of trade and finance joined in this key discussion including Dr. Prabir De, Professor at Research and Information System for Developing Countries (RIS), Prof Aman Agarwal, IIF Executive Editor FINANCE INDIA, Er. Ramesh Kumar, Chairman, Beltron Green Energy,

Dr. Sampa Baneerjee, in her welcome address, while expressing the appreciation to the Chief Guest, H.E.Mr. Hai Thanh Ngyuyen, Ambassador of Vietnam to India and dignitaries, she highlighted the key initiatives and achievement of WASME in SME development globally for the past 40 year of organisation.    

H.E. Dr. K C Jankee, Ambassador, Govt. of Mauritius in Russia and President, WASME shared the friendly message to his counterpart of Vietnam and asserted WASME’s strength in achieving the objective of the meeting.  

Er. Ramesh Kumar, introduced the agenda and expected outcome of the discussion for reducing the trade barriers through FTA/CEPA which are necessary for the development of the MSME sector in both countries.

Ms. Nikita Singla, which is jointly working as WASME Think Tank for SMEs, highlighted the geo political status based on economic forecasts, and stressed the need for making the FTA more sensitive to the needs of MSMEs and mentioned that in order to facilitate trade between two countries, FTA must consider easy visa regime, development partnership with more focus on commodities to be traded rather than export import value,  improving market access and inclusive gender equality in trade facilitation policies and agreement for inclusive SME development.

Dr Prabir De highlighted the development aspiration and deficit surplus and mentioned that FTA between India and Vietnam is significant to improve trade and SME development between two countries. He also spoke about considering GST as one gateway for clearance and emphasised on incorporating joint study groups, working groups to deep dive the challenges and opportunities to make the comprehensive FTA. He mentioned that WASME can take the lead in this direction based on its extensive global experience and expertise.

Dr Aman Agarwal, talked about cultural and traditional relations between India and Vietnam and mentioned to strengthen it further which will enable SMEs in both the countries to connect well locally. He also spoke about real estate sector growth in Vietnam and elaborated on the key points of MoU that is signed between India and Vietnam for the development of SMEs.

His Excellency, while expressing his delight for WASME to undertake this initiative to hold discussion on the significant topic, appreciated WASMEs activities globally to support SMEs. He highlighted traditional connect between two countries and statistical logistics “Only 2% of revenue of Vietnam is generated from the export to India and it has scope for further improvement”. He also said that there in huge opportunity in tourism, trade investment, port enlargement, maritime connectivity to promote FDI in both the countries.

In his vote of thanks Mr Naveen Sharma, Chairman, Athena Venture, shared his joy for great discussion for the agenda and mentioned that this meeting is the key milestone in the efforts of achieving the signing of FTA/ CEPA between Vietnam and India and reiterated WASME’s commitment towards achieving this goal with continual relations between WASME and Vietnam Embassy.