Vietnam to not Join WTO at Any Price, Trade Minister Says
“Vietnam will not get the membership of World Trade Organization (WTO) at any price because it is not essential for us [Vietnam], announced Trade Minister Truong Dinh Tuyen” with a local newspaper recently.
The trade leader said that the WTO’s ticket would not bring investment, market, know-how to Vietnam. It only comes to Vietnam when the country possesses a strong economy with a perfect law system. Therefore, reforming itself is the key issue.
He cited out an example that by making efforts on its own the Vietnamese economy has attracted US$4.58 billion worth of FDI capital so far this year, up 41.7 per cent on-year and exceeding the yearly target of US$4.5 billion without the ticket.
Moreover, Tuyen urged that the WTO commission would closely reconsider requirements of partners, otherwise, Vietnam may have to pay too high price to receive the WTO’s while receiving only few favorable conditions
The minister also admitted Vietnam is likely to fail its target to participate in the Geneva-based trade body this year. He noted that during the negotiation process the US has lacked goodwill and lays such high conditions towards Vietnam that is impossible to accept.
Besides, failing the WTO target, Vietnam will not receive non-quota status and cannot join the next Doha round talks, Tuyen added.
Vietnam applied to join the WTO in 1995 and initially targeted to hit the objective at the WTO’s sixth Ministerial Meeting to be held in Hong Kong in December this year.
Vietnam has to conduct bilateral WTO talks with 28 trade partners and it has so far completed the rounds with 22 of them.
vietpan.com
Vietnamese
