India and Vietnam Wednesday sealed an oil exploration accord in Vietnamese waters, signed an extradition treaty and launched a security dialogue to expand their strategic partnership.
In an important step, state-run Oil and Natural Gas Corp’s overseas investment arm OVL signed a three-year agreement with PetroVietnam for developing long-term cooperation in the oil sector.The accord between India's state-owned Oil and Natural Gas Corp.'s foreign arm, OVL, and Vietnam's PetroVietnam included new investments and the exploration and supply of oil and gas to the two countries.
Sang said the two countries had set a bilateral trade target of $15 billion by the year 2015. Trade between the two countries was $2.7 billion last year.They also agreed to work towards an early finalisation of the India-ASEAN Free Trade Agreement in Services and Investment.
In the field of security cooperation, the two countries instituted a mechanism of a biennial dialogue on security issues between Ministry of Home Affairs and its Vietnamese counterpart.
The two sides inked a crucial extradition treaty and agreed to boost cooperation across a broad spectrum of areas, including trade, energy, science and technology, IT and conservation and restoration of Indian cultural relics in Vietnam.
The agreements are as following:
• India and Vietnam signed an extradition treaty
• Oil exploration agreement in South China Sea
• Friendship pact to celebrate the 40th anniversary of the diplomatic relations in 2012
• Agreement in the field of agriculture and fisheries
• Cooperation in sports and tourism
• Agreement on Cultural Exchanges
category:international
