Vietnam, EU sign bilateral agreement after concluding WTO talks
Vietnam and the European Union signed a bilateral agreement on EU recognition of Vietnam’s entry into the World Trade Organization in Hanoi yesterday Oct. 9 after the 10th round of talks wrapped up.
Vietnamese Trade Minister Truong Dinh Tuyen and EU Trade Commissioner Pascal Lamy announced the success of the talks at a press conference held right after the four-day negotiation round in Vietnam’s capital concluded.
“The agreement will make Vietnam’s entry into the World Trade Organization easier,” said Mr. Lamy at the press conference.
The agreement consists of Vietnam’s commitments in the commodities and service sectors after Vietnam officially becomes a WTO member. Vietnam’s markets will be further opened based on the country’s reform efforts.
According to the agreement, Vietnam will apply an averaged 16% import tariff on industrial goods and 22% on fishery products and 24% on agricultural goods.
In the service sector, Vietnam made commitments in transportation, financial, postal, construction, distribution, environmental, telecommunications, tourism and trade services. Vietnam is also committed to providing transit services.
Speaking at the press conference, Mr. Truong Dinh Tuyen said: “I hope Vietnam and the U.S. will have a similar press conference later this month when the two sides start WTO talks.”
Mr. Tuyen said that he had met the Chinese counterpart on the sidelines of the ASEM 5 Summit and that the two sides agreed to try to reach an early conclusion on WTO talks.
“After winding up WTO talks with Vietnam, the EU hopes other partners will have an understanding of Vietnam’s situation,” said Mr. Lamy. “In my experience, a partner that finishes talks with the EU becomes a WTO member within one year to 18 months maximum.”
The EU is now Vietnam’s the largest trade partner as the EU accounts for 17% of Vietnam’s overall trade, followed by the U.S. with 14% and Japan with 13%. The two-way trade revenue between Vietnam and the EU in 2003 is reported to be 6.4 billion euro.
Reported by Xuan Danh - Translated by T.H.
Story from Thanh Nien News
Published: 09 October, 2004, 21:54:45 (GMT+7)
Copyright Thanh Nien News
