Australia, Vietnam enjoy complementary economies

08/09/2021    132

Both Vietnam and Australia have complementary economies which can support each other for mutual development together, said Australian Minister for Trade, Tourism and Investment Dan Tehan MP of the Foreign Correspondents Association Australia and South Pacific (FCA).

He made the statement in response to questions by foreign correspondents in Australia  on September 6.

He affirmed that along with traditional energy fields such as coal and gas, both countries enjoy bright prospects for co-operation in new fields such as renewable energy and hydrogen.

The Australian trade official went on to reveal that with a complementary economy system, both sides can benefit from a wealth of opportunities to co-operate in multiple fields, noting that the two countries can step up co-operation in education and training, in addition to boosting the export of agricultural products moving forward.

He pointed out that despite the COVID-19 pandemic impacting the global economy, the Australian economy has bounced back and continues to enjoy positive growth due to the pandemic being gradually brought under control.

In the fiscal year 2020 to 2021, the Australian economy grew by 1.4%, with iron ore exports making significant contributions to their economy. Indeed, Australian exports to China, the Republic of Korea, the EU and ASEAN witnessed a rise of between 5% and 12%.

Over recent years, Australia has persistently committed to a multilateral trading system by participating in several regional multilateral trade agreements such as the ASEAN-Australia-New Zealand free trade agreement (AANFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP).

Most notably, Australia is deeply committed to participating in close engagement with the Indo-Pacific region, particularly through free trade agreements and reform programmes.

Minister Tehan shared that he was impressed by his visit to Vietnam in July, especially after holding a range of discussions with Vietnamese leaders.

He went on to reveal that officials of both countries are currently working to finalise the Australia-Vietnam Enhanced Economic Engagement Strategy (EEES) by the end of this month.

Alongside key partners across the region, including the United States, Japan, India, ASEAN, and others, he emphasised that Australia is working hard to build a region that is open, transparent, and resilient to future economic shocks.

Source: VOV