Vietnam last week signed an agreement with Australia to formally wrap up talks between the two nations on the communists’ bid to join the World Trade Organization (WTO), state media publicly announced the news.
Deputy Trade Minister Luong Van Tu and Australian Trade and Foreign Deputy Minister David Spencer inked the pact at a ceremony in Hanoi.
The conclusion will push trade and economic relations between the two country into a new stage, Tu announced after the signing.
“Vietnam will be the 151st member of the Geneva-based trade body”, said the Australian official in a later interview with a local newspaper.
Spencer revealed the reason why the two nations reached an agreement so late was because the two sides faced difficulties making concession in the sphere of services and agriculture.
Vietnam and Australia had implemented 11 rounds of talks before reaching the accord.
Two-way trade between the two countries posted US$3.3 billion in 2005. Many Australian investors are operating the fields of telecommunications, banking, infrastructure, transportation, food processing, healthcare and environment in Vietnam.
In a related development, Trade Minister Truong Dinh Tuyen announced at a national summary meeting on trade yesterday in Hanoi that WTO discussions with the four remaining partners are optimistic.
All that remains to complete the process with the Republic of Dominica and Honduras is establishing the date to ink the concluding pact, whilst the remaining unresolved issue with Mexico is related to a small matter of protection, Tuyen stressed.
Speaking about Vietnam’s toughest partner, the US, Tuyen revealed that the two countries are in the process of deciding the location for their last round of talks Hanoi, Washington or Geneva.
Moreover, the Thanh Nien daily Newspaper reported that the Head of the Vietnam-US Association, Virginia Foote, announced that Vietnam and the US are likely to conclude WTO talks in this month or the next. The US trade official said the two parties will discuss the matters of taxes, services and delivery rights.
Vietnam has high hopes to get the WTO ticket this year before the APEC Summit in Hanoi in November.
Young People, Youth
Vietnamese
