Australian Government Minister for Trade Welcomes Vietnam to WTO

The Australian Government Minister for Trade Warren Truss has welcomed the completion of negotiations on Vietnam’s accession to the World Trade Organization (WTO).

Mr Truss said that after nearly 12 years of negotiations, the WTO last night approved Vietnam’s accession to the organisation. “Vietnam was approved on terms which will see a significant opening of the Vietnamese market and that will benefit Australian exporters,” Mr Truss said.

“There will be enhanced access for a range of Australian exports, including dairy, sugar, confectionery and fruit. On services, there will be opportunities in banking, education, environment and mining services. “This outcome demonstrates the benefits the WTO delivers to Australia,” Mr Truss said.

Now that the WTO has agreed on the terms of Vietnam’s accession, it should be possible for Vietnam to finalise its domestic ratification procedure and become the 150th member of the WTO early next year.

Mr Truss said Australia has been a long-standing supporter of Vietnam joining the WTO. “Vietnam’s commitment to open its international trade regime will further accelerate its integration into the global economy. “Vietnam is an important trading partner for Australia. In 2005-06, merchandise trade grew to more than $5 billion, and services trade totalled $615 million.

“Our bilateral relationship has broadened as we developed new fields of cooperation. Australia works closely with Vietnam in APEC and other regional forums and we look forward to continuing that cooperation in the WTO,” Mr Truss said.