Vietnam, Japan to Remove Trade Control on Industrial Goods

Vietnam, Japan to Remove Trade Control on Industrial Goods

Vietnam and Japan have come to an agreement to abolish trade barriers on industrial goods, clearing a major hurdle in bilateral talks for Vietnam's entry to the World Trade Organization. 

Japanese Senior Vice Economy, Trade and Industry Minister Hachiro Okonogi and Vietnamese Deputy Trade Minister Luong Van Tu made the pledge on June 2 in a meeting held on the sidelines of an Asia-Pacific Economic Cooperation forum meeting on Cheju Island, South Korea.

The accord followed a bilateral working-level agreement sealed in a meeting in Seoul on Tuesday.

Vietnam still has to conclude negotiations with Japan on the farm and service trade, but major stumbling blocks have been cleared as industrial goods account for 90 per cent of Japan's exports to Vietnam.

The country targets to participate in the WTO during a ministerial meeting of the multilateral organization slated for December in Hong Kong.

It has concluded talks on its accession to the WTO with the European Union and Latin American economies. On Wednesday, it struck a bilateral trade agreement with South Korea on its WTO entry at the forum in Cheju.

Vietnam, however, has yet to settle negotiations with such countries as China, the US, Canada and Australia.

Japan is now one of biggest trade partner of Vietnam. It imported US$935.9 million worth of goods from Vietnam while selling US$934 million to the Southeast Asian country in the first quarter of 2005. 

According to Vietnam's Ministry of Planning and Investment, Japan ranks third among largest foreign investors to Vietnam with a total of 515 projects capitalized at US$5.8 billion.

Youth