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| Southeast Asia |
| Vietnam poised to join WTO |
| 2006-10-29 |
| Vietnam on Thursday completed its protracted negotiations to join the World Trade Organisation, putting it on track to become the WTO’s 150th member. Hanoi, which has been negotiating entry since 1995, has accepted tough conditions as the price of joining the world trade club and the more favourable trade terms offered to members. While Vietnam’s competitive clothing manufacturers will benefit from fewer restrictions on their exports to the US and Europe, other sectors in the still heavily state-dominated economy will face stiffer competition from foreign suppliers and the removal of many government subsidies. Vietnam, with a population of 84m, has experienced rapid growth since economic liberalisation policies were put in place in the early 1990s, and is now the best performing economy in Asia after China. Exports have grown by leaps and bounds, despite restrictions such as US anti-dumping duties on catfish imposed three years ago and a recent decision by the European Union to impose duties on Vietnamese and Chinese shoes. Truong Dinh Tuyen, Vietnamese trade minister, said he hoped his country’s “extensive and far-reaching” WTO commitments would allow its economic momentum to continue. The WTO’s governing council is due to endorse Vietnam’s accession terms at a special meeting on November 7. The Vietnamese National Assembly is expected to ratify the accords by December 5, and Vietnam will become a member 30 days after ratification is notified to the WTO. |
| Posted by:Steve White |
| #3 |
| Posted by: Zenster 2006-10-29 22:01 |
| #2 |
| Posted by: bigjim-ky 2006-10-29 18:21 |
| #1 |
| Posted by: .com 2006-10-29 10:09 |