The Viet Nam-US bilateral agreement on Viet Nam's accession to the World Trade Organisation (WTO) and the hoped-for US Congressional approval of Permanent Normal Trade Relations (PNTR) status for Viet Nam are two important events to mark a new chapter in the relationship between Viet Nam and the US.
It was said by Minister of Trade Truong Dinh Tuyen at the official signing of the agreement in Ho Chi Minh City on May 31.
Minister Tuyen said that since Viet Nam and the US normalised their relations in 1995, especially since the two countries signed the Bilateral Trade Agreement (BTA) in 2001, their relation have seen a remarkable development, which was further consolidated after Prime Minister Phan Van Khai's US visit in 2005.
"On that basis, the two countries have made great efforts to boost the process of bilateral negotiation on Viet Nam's WTO entry," said the minister.
He also stressed that three events in the coming Autumn, including Viet Nam's WTO admission, US President George W. Bush's first visit to Viet Nam and the APEC Economic Leaders' Conference Summit, will be very important for both countries.
About the significance of today's event, Deputy US Trade Representative Karan Bhatia said: "This is a great agreement for the US. It opens a vibrant and growing market for American agricultural goods, a range of services, and manufactured products." "It also opens the door for Viet Nam to join the international rules-based trading system," he added.
"This truly is an historic step in the relationship between our two countries. It marks the passing of another milestone on the road to full normalisation of relations between our two countries," he noted.
"Eleven years ago, the US and Viet Nam agreed to a roadmap to normalise relations. Both Republican and Democratic administrations have followed that roadmap and the agreement that we sign today moves us a step closer to fulfillment of a mutual goal - Viet Nam's WTO accession," Bhatia concluded.
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