US And Vietnam Reach Bilateral Market Access Agreement

by Glen Shapiro, LawAndTax-News.com, New York

18 May 2006

The United States and Vietnam have reached an agreement in principle on a bilateral market access agreement that will lower trade barriers to a wide range of US industrial and agricultural products and services and help clear the way for Vietnam’s accession to the World Trade Organization (WTO).

"This is a very good agreement for the United States. It opens a new and growing market for American agricultural goods, services, such as financial services, and manufactured products," US Trade Representative Rob Portman announced this week, continuing:

"This agreement also signals an historic step in our bilateral relationship. Vietnam recognizes that broad-based reform and economic liberalization are essential to its integration into the global economy. We intend to work hard with Vietnam to complete the process of its full accession to the WTO in the near future."

The agreement would substantially lower tariffs on US industrial and agricultural products and remove non-tariff barriers currently faced by US service providers. The agreement will also continue the process of political and economic reform in Vietnam, which includes increased transparency in commercial activity and adherence to the rule of law.

The formal signing of the bilateral agreement will take place in the near future, once both sides have undertaken the required legal consultations.

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