Workshop on improving the effectiveness of handling Vietnam-Pakistan trade disputes

On November 2, the Vietnamese Embassy in Pakistan organized a combined online and in-person workshop with the theme "Improving the effectiveness of handling trade disputes, removing bottlenecks, and expanding opportunities for economic , trade, and investment cooperation between Vietnam and Pakistan".

Hội thảo nâng cao hiệu quả xử lý tranh chấp thương mại Việt Nam-Pakistan

Delegates attending the Conference.

On November 2, the Vietnamese Embassy in Pakistan organized a combined online and in-person workshop with the theme "Improving the effectiveness of handling trade disputes, removing bottlenecks, and expanding opportunities for economic, trade, and investment cooperation between Vietnam and Pakistan".

Attending the workshop were Pakistani Ambassador to Vietnam, Ms. Samila Mehtab, representatives of the Ministry of Industry and Trade , arbitration agencies, trade dispute settlement agencies of the two countries, representatives of the Vietnam Federation of Commerce and Industry (VCCI), representatives of major chambers of Commerce and Industry of Pakistan...

Vietnamese Ambassador to Pakistan Nguyen Tien Phong emphasized that the workshop focused on exchanging and discussing measures to raise awareness of trade disputes and the urgency of preventing and resolving disputes in an objective, fair manner, in accordance with international law and the laws of each country.

Vietnamese Ambassador to Pakistan Nguyen Tien Phong (right) speaks at the conference.

To do so, it is necessary to have the participation of ministries, government agencies of each side, and the initiative of enterprises in researching and sharing information symmetrically in trade exchanges, preventing disputes, wrongdoings, fraud as well as in the process of conciliation and fair and transparent adjudication.

The presentations from speakers from both countries at the workshop affirmed the significance and importance of close cooperation between state agencies in building a legal framework and mechanisms and institutions for resolving trade disputes.

Delegates emphasized the role and importance of chambers, business associations of both countries and the media in enhancing understanding of market information, laws and specific regulations of each country.

Delegates emphasized the need to strictly develop dispute resolution provisions.

The presentations also emphasized the need to strictly develop dispute resolution provisions in commercial contracts and promote negotiations to sign Preferential Trade Agreements (PTAs) that include content on dispute resolution mechanisms.

The two sides believe that with the huge untapped potential, along with preventive measures and open, transparent and fair dispute resolution, two-way trade turnover will create a breakthrough, possibly surpassing the 1 billion USD mark in 2024.

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