Vietnamese Vice Minister of Trade Luong Van Tu and US Deputy Trade Representative Karan Bhatia signed an official agreement concluding bilateral negotiations on Vietnam's accession to the World Trade Organization (WTO), in Ho Chi Minh city on May 31, which will clear the way for Vietnam's accession to the organization by the year-end.
The deal marked a milestone in the normalization of relations between the two countries, said Vietnamese Trade Minister Truong Dinh Tuyen at the signing ceremony.
The agreement would create a vibrant and growing market for American manufacturers and open a door for Vietnam to join the international rules-based trading system, said Mr. Bhatia.
Through this agreement, Vietnam will become more transparent in its regulatory trade practices, enhance economic freedoms enjoyed by its people and establish a level playing field between Vietnamese and foreign companies, he said.
Mr. Bhatia said he believed the US Congress would grant Vietnam permanent normal trade relations (PNTR) status soon so that Vietnam can become a WTO member.-