APEC Provides Strong Support for Vietnam's WTO Accession

Recently, the Ministry of Trade held a conference to announce what Vietnam is preparing for the APEC trade ministerial meeting in Ho Chi Minh City on June 1 and 2, with the participation of 21 economic and trade ministers from Asia-Pacific economies.

 

The meeting will discuss many important contents about APEC’s contribution to the successful end of the Doha Round, the building of the Hanoi Programme of Action to implement the APEC Bogo’s target on trade and investment liberation in 2010 for developed member economies and 2020 for developing member economies, the building of plans to facilitate trade, making a contribution to achieving a target of reducing five per cent of regional transaction costs in the 2006-1010 period. The meeting will discuss measures to promote investment in APEC, create a safe and favourable business environment and boost economic and technical co-operation.

 

Vietnam has sent an invitation to the WTO general director to attend the meeting. On the sideline of the meeting, on May 31 and June 1, the Ministry of Trade will co-operate with the Vietnam Chamber of Commerce and Industry to organise an investment and trade forum with the participation of hundreds of enterprises from APEC economies, Vietnamese enterprises and APEC officials. This will be a forum for APEC enterprises and officials to exchange and discuss the business environment and co-operation opportunities.

 

According to Minister of Trade Truong Dinh Tuyen, Vietnam’s accession to WTO was just the recognition of the international community for Vietnam’s reform efforts. Vietnam, in fact, should create a more favourable environment for trade and investment, promoting all local investment resources. More importantly, a favourable, stable and predictable environment should be created for foreign enterprises. However, at present, those countries which want to join WTO are imposed with tougher requirements than previous. In comparison with those countries becoming WTO members five or ten years ago, Vietnam’s commitments for WTO accession are much higher.

 

At present, Vietnam is implementing the commitments with the US during the two sides’ talks on Vietnam’s accession to WTO. The exchange of documents between the two countries has not been completed yet. Therefore, a concrete signing date has not been set, but Tuyen said: “I believe the two sides will sign very soon.”

“All declarations of APEC have supported Vietnam’s accession to WTO and the upcoming meeting declaration will be stronger,” Tuyen affirmed.