India-Vietnam target $7bn bilateral trade by 2015

New Delhi: India and Vietnam on Wednesday decided to give bilateral economic ties a booster shot setting a bilateral trade target of $7 billion by 2015. Both nations also decided to work for an early conclusion of India-ASEAN free trade pact in services.

India and the 10-member Association of South East Asian Nations (ASEAN) have already implemented the free trade pact in goods last year and are engaged in intense negotiations to widen the base of the pact by including services and investments.

The announcements were made after Vietnamese president Troung Tan Sang and prime minister Manmohan Singh held comprehensive talks on bilateral issues to boost strategic and trade ties.

"We have set ourselves the target to increase it to 7 billion US dollars by 2015. We have agreed to work towards an early finalization of the India-ASEAN Free Trade Agreement in services and investment," prime minister Singh said.

He also said India was committed to greater investment flows between the countries.

Bilateral trade last year stood at $2.7 billion.