Bush Marks Full Trade Normalization with Vietnam

US President George W. Bush’s signing the December 29 proclamation officially marked the full normalization of trade relations with Vietnam, paving the way for US aid to funnel into the ex-foe, in a bid to boost the bilateral relationship and solidify peace in the world, Vietnam News Agency reported.

 

Bush, with the signing, put an end to trade restrictions imposed on Vietnam since 1974 under the Cold War-Era Jackson-Vanik Amendment, opening a new chapter of opportunity and stepping forward toward strengthened economic, trade and defense ties with Vietnam, an increasingly strategic geo-political ally in Southeast Asia

 

White House spokesman Scott Stanzel said the US welcomes Vietnam’s progress in enacting free-market reforms and looks forward to Vietnam becoming the 150^th member of the World Trade Organization January 11.

 

The PNTR passage by US Congress in early December last year, after great effort by President Bush who wanted to grant to the Hanoi administration PNTR as a historic and landmark gift but failed during the mid-November Asia-Pacific summit, will help expand bilateral trade to $15 billion in 2010 from $9 billion and offer equal treatment to Vietnamese exports to the foreign country.

 

President Bush, in a memorandum to US Secretary of State Condoleezza Rice, declared that “the furnishing of defense articles and defense services to Vietnam will strengthen the security of the United States and promote world peace.”