WASHINGTON—U.S. Commerce Secretary Carlos M. Gutierrez today released the following statement on Vietnam 's entry into the World Trade Organization (WTO).
"The Administration welcomes Vietnam's entry into the WTO," said Gutierrez. "This is a significant step forward for our relationship with Vietnam. Vietnam's integration into the global economy will open the doors of opportunity for people from both countries to develop closer trade ties and will help American businesses increase exports." Background Vietnam will become the 150th member of the WTO. Vietnam will reduce tariffs on over 94 percent of industrial and consumer goods, with tariffs ranging from 0 to 5 percent in several key sectors, including construction equipment, pharmaceuticals and aircraft. Vietnam's accession to the WTO will also remove significant non-tariff barriers.
U.S. service suppliers will enjoy improved market access in Vietnam in many significant sectors, including telecommunications, financial services, distribution, and energy services. Other provisions related to WTO accession will enhance export opportunities through government transparency and protection of intellectual property.
Since entry into force of the U.S.-Vietnam Bilateral Trade Agreement in December 2001, mutually beneficial, two-way trade between the United States and Vietnam has increased over five fold, from $1.5 billion to $7.8 billion at the end of 2005.
As with all its trade obligations, the Administration will continue to vigorously enforce U.S. trade laws to make sure Americans are treated fairly. With regards to Vietnam, the Administration will continue to work with all stakeholders to set up a textile and apparel monitoring system to monitor unfair trade practices.
Source: U.S. Department of Commerce
