(VOVworld) - The third meeting of the Vietnam-Malaysia trade joint committee took place in Kuala Lumpur on Saturday, targeting measures to further intensify economic and trade cooperation.

(Photo: moit)

Both sides agreed that economic policies are of great importance to bilateral trade. To create favourable conditions for business and investment, they suggested two countries reduce or eliminate trade barriers and simplify administrative procedures.

The two ministers discussed the signing of a memorandum of understanding on the pharmaceutical field, measures to boost collaboration between the Malaysia External Trade Development Corporation and the Vietnam Trade Promotion Agency, particularly in exchange of trade delegations and participation in fairs and exhibitions.

The ministers also highlighted the importance of the ASEAN Economic Community, which will be formed by the end of this year to create a common market in the ten-state bloc.