RI, Vietnam sign trade deal

RI, Vietnam sign trade deal

HANOI (AFP): Vietnam and Indonesia on Thursday signed a memorandum of understanding on counter trade, the Indonesian embassy said.

The agreement was proposed to boost bilateral trade between the two cash-strapped countries, an Indonesian diplomat said.

Under the proposed accord Vietnam will exchange agricultural goods and animal foodstuffs for Indonesian fertilizer, consumer goods and telecommunications equipment.

Indonesia assigned PT Pantja Niaga, PT Prima Comexindo and PT Bakrie Brothers to conduct the barter trade.

Vietnam assigned state owned Vinafood 2, Seaprodex, Generalexim 1, Vinalimex, Tradimexco, Intimexco and Vegetexco.

Details of the one-year agreement are to be drawn up by technical committees within 30 days of the signing. Last year two-way trade was about US$500 million.