Vietnam and Burkina Faso have signed a memorandum of understanding on trade and industry cooperation in an effort to boost bilateral trade ties.
Vietnamese Deputy Minister of Industry and Trade Le Duong Quang and Burkina Faso Deputy Ministry of Industry and Commerce Bernard Gnessa Zougouri signed the MoU in Hanoi on November 4.
During their talks, both sides discussed strengthening trade relations by finalising regulatory frameworks, signing cooperative economic, trade, and industry agreements, creating the conditions necessary for their businesses to prosper, and expanding visit exchanges in the interests of advancing mutual understanding.
Authorities of both countries should keep each other up to date regarding business and investment opportunities, international exhibitions and fairs, and reputable import-export companies. The Mekong River Sub-Region’s Francophone framework can be used to foster trade exchanges with West and Central Africa and expand cooperation in investment and telecommunication services.
A Vietnam-Burkina Faso business forum, to be held in Ho Chi Minh City on November 6, is expected to attract more than 100 businesses from the two countries.
Vietnam and Burkina Faso established diplomatic ties on November 16, 1973. Two-way trade turnover remains modest. Of the US$21.1 million record high in 2010, Vietnamese exports contributed US$6.3 million (mainly garments) and Burkina Faso’s accounted for US$14.9 million (mainly cotton).
Bilateral trade reached US$13.5 million in the first half of 2013, with Vietnamese exports valued at US$4 million.
Geographical distance restricts trade turnover to its current modest levels, a challenge exacerbated by a lack of market information and insufficient cooperative agreements.
The new MoU creates important legal foundations for the two countries to strengthen cooperation in trade and industry in the future.