The United States and Vietnam have announced a new framework for an agreement focused on reciprocal, fair, and balanced trade. This initiative aims to strengthen economic ties between the two countries by expanding market access for exporters from both sides.
According to the joint statement, "The United States of America (the United States) and the Socialist Republic of Viet Nam (Viet Nam) have agreed to a Framework for an Agreement on Reciprocal, Fair, and Balanced Trade to strengthen our bilateral economic relationship, which will provide both countries’ exporters unprecedented access to each other’s markets. The Agreement on Reciprocal, Fair, and Balanced Trade will build upon our longstanding economic relationship, including the U.S.-Viet Nam Bilateral Trade Agreement signed in 2000 that entered into force in 2001."
Both governments plan to finalize the details of this agreement in the coming weeks. The process includes preparing the document for signature and completing necessary domestic procedures before it can take effect.
"In the coming weeks, the United States and Viet Nam will work to finalize the Agreement on Reciprocal, Fair, and Balanced Trade, prepare the Agreement for signature, and undertake domestic formalities in advance of the Agreement entering into force," according to the statement.
This development follows over two decades of increasing trade relations since their initial bilateral trade agreement was implemented in 2001.
