Vietnam pushes to advance WTO entry bid
GENEVA - Vietnam's Minister of Commerce, Vu
Khoam, announced on Friday that Hanoi intends to energize its five year bid
to join the World Trade Organization by offering an initial market access in
merchandise goods during November entry talks, trade officials said. U.N.
officials say Vietnam has dynamic potential and attracted nearly $11 billion
in foreign direct investment during the past five years alone.
Trade diplomats said the current end game in China's 14 year WTO entry bid
has helped countries such as Vietnam elevate WTO membership in their
national policy agendas. The WT referees world trade in goods and services
worth over $6 trillion annually.
Besides Vietnam, an additional 27 countries, or separate customs
territories, including China, Russia, Taiwan, Saudi Arabia, and Cambodia,
are in the midst of WTO membership talks.
During a meeting with WTO Director-General Mike Moore, Vu said that
Vietnam is trying to enhance its entry chances by preparing new legislation
on a host of areas including insurance, trade related investments,
intellectual property protection, and customs valuation rules, witnesses
said.
Vu said Vietnam is in the midst of transition from a centrally planned
economy to a market economy and is facing difficulties in a number of areas
such as reforming its legal regime, trade officials said.
Vietnam is also building, Vu said, upon the recent bilateral trade accord
signed with the United States and other initiatives with the European Union,
and others, to prepare the ground for WTO accession.
Moore said no one can doubt Vietnam's determination to join the WTO and
noted "its an irreversible process," officials said.
Moore conveyed his hope that Vietnam can participate in the new round of
trade talks as a fully fledged member, but he also underlined the global
trade agency's rules require that all relevant WTO compliance legislation
should be in place upon entry, officials said.
Failure by China to make all the necessary legislative changes has led to
unforeseen last minute hold-ups in its entry bid which senior Asian and
western officials say could delay its long awaited entry until perhaps
sometime in the first half of 2001.
In 1998, Vietnam's merchandise exports were valued at $9.3 billion and
import shipments at $11.3 billion, according to UN estimates.
By John Zarocostas - United Press International - October 13, 2000.
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