Vietnam, Israel looking towards bilateral free trade agreement

Vietnam and Israel would soon discuss a possible bilateral free trade agreement to accelerate two-way trade in the future. Vietnamese Prime Minister Nguyen Tan Dung made the suggestion when meeting Israeli Minister of Agriculture and Rural Development Yair Shamir in capital Hanoi on Thursday, during which he also urged the prompt formation of a joint committee to boost cooperation between the two countries. The Vietnamese PM expressed his hope that Israel will continue its official development assistance (ODA) provision to Vietnam, focusing on human resources training, infrastructure development and climate change response. The two sides should further strengthen cooperation on the application of high technology to agriculture and telecommunications, said PM Dung, adding that the Vietnamese government will provide favorable conditions for Israeli businesses to invest in Vietnam. Regarding outcomes of the talks between Israeli minister Yair Shamir and his Vietnamese counterpart Cao Duc Phat on Thursday, PM Dung said there is much room for both sides to cooperate, especially in science and technology, agriculture, defence and security, trade and investment. For his part, Yair Shamir said his visit is aimed at furthering investment cooperation between the two countries, especially in agriculture. He proposed that besides coordinating in agriculture, Vietnam and Israel should also expand cooperation in pharmaceuticals, high technology, chemicals, fertilizer production, and development cooperation. Vietnam and Israel should design a more favorable legal framework to bolster their cooperation as two-way trade could increase rapidly in the future from the current figure of over one billion U.S. dollars, said the Israeli official. Vietnam established diplomatic ties with Israel in 1993.