Viet Nam – The United States signed the Bilateral Trade Agreement on the prospect for Vietnam to join the WTO. The door for Vietnam to enter the WTO is open.

Signing Ceremoney on the conclusion of Vietnam-US bilateral negotiations on Vietnam's entry to WTO.

Present at the signing ceremony were Vietnam Minister of Trade Truong Dinh Tuyen, US Vice-Trading Representative - presently nominated as US Representative, Ambassador Susan Schwab, Head of US delegation, Assistant to the Trading Representative Dorothy Dwoskin and representatives of ministries and branches of the two countries who joined the negotiation.

        Regarded as the most powerful economic country in the world, The United States has become a more and more important investor and a trading partner to Vietnam. As of December 2005, the United States has been the 11th greatest investor in Vietnam with 265 projects totaling an investment capital of USD 1, 45 billion. According to the Vietnam General Department of Customs, the two-way trading turnover between the two countries was nearly USD 7 billion in 2005.

        Among bilateral negotiations with other countries on Vietnam’s entry to WTO, those made between Vietnam and the US included wide and deep contents. The two sides spent 12 negotiations in Washington, Ha Noi and Geneva, and a number of other meetings and lobby discussions. At the 12th negotiation in Washington from May 9th to May 12th 2006, the two sides reached the agreement-in-principle on the Vietnam’s entry to WTO and the two sides then went on with discussions on the technology aspect. The last partner ending the negotiation was also The United States among 28 members of WTO which had the requirement of bilateral negotiations with Vietnam. The end of bilateral negotiation with The US plays a significant role, marks the completion of bilateral negotiations and contributively enables Vietnam’s target of entry to WTO in 2006. The success of reaching this agreement is a historic event, marking a new step forward in the relations between the two countries, suitable for the interests of the two sides. It also lays an important foundation for a fair and mutual- benefit cooperation, for the success of the Senior Officials Meeting APEC 2006 in Ha Noi as well as for the visit of President George Bush in the coming time.

        According to the US Ambassador Bhatia, this is a beneficial agreement for The US. It creates a developing and dynamic market for farming products, services, and other products of the US. It also helps Vietnam to join the trading system based on international rules. Through this agreement, Vietnam will be more explicit in the application of trade laws and the freedom of the economy will be beneficially strengthened for the Vietnamese. Through this agreement, a level playing field among Vietnamese enterprises and foreign enterprises will be also created. The Ambassador concludes, “This is the historic turning point in the relations between Vietnam and The US, marking one more milestone of access to the complete normalization of our two countries.”

        Before then, on May 30th, the 2nd Senior Officials Meeting APEC (SOM II) ended after 9 prompt and positive working-days. On finishing the meeting, President of SOM APEC 2006 – Permanent Deputy Foreign Minister Le Cong Phung along with the Delegation Leader of Russian Federation – Mr Vasily Dobrovolski, Mobile Ambassador of Russia Ministry of Foreign Affairs attended a press conference for Vietnamese and foreign reporters.

        According to the summary of the organization board, about 1000 delegates from 21 member economies of APEC, including 130 Vietnamese delegates attended over 30 conferences, meetings, and seminars from May 22nd to May 30th 2006 in Ho Chi Minh City. About 100 reporters, technicians from Vietnamese and foreign news agencies and television stations transmitted information on the meeting.

  Source : Dong Nai Newspaper