State President Nguyen Minh Triet on November 28 presented a report to the National Assembly for approval of Vietnam’s accession to the World Trade Organisation (WTO). The report said that Vietnam’s becoming the 150th member of the WTO marked a milestone in the country’s international economic integration process and a worldwide recognition of Vietnam’s achievements in economic reform.
The Vietnam negotiation delegation had conducted many rounds of multi-lateral negotiations with the Working Party on Vietnam’s admission to the WTO and bilateral negotiations with relevant members. The negotiation process lasted nearly 12 years through many difficult periods before it concluded in Geneva, Switzerland, on November 7, 2006 with Vietnam’s Minister of Trade and the WTO General Director signing a protocol on Vietnam’s admission to the global trade body.
The protocol has a specific content and a wide scale of adjustments by Vietnam and the WTO relating to the international principles and trade standardization with priority given to Vietnam as a developing economy in its transitional period.
Vietnam will become a full member of the WTO 30 days after the National Assembly ratifies the protocol.
After the protocol is ratified and comes into effect, Vietnam’s economic and trade ties with other countries in the world and with economic and regional organisations will be directly affected.
Admission to the WTO will provide many major opportunities and fresh impetus for Vietnam to boost domestic and foreign investment and production capacity as its goods and services sectors will enjoy equal treatment when gaining access to WTO members’ markets. The country will comply with WTO regulations to compete equally against trading partners and get involved in building global trade-related regulations, thus helping raise its position in the international arena. This will be an important step towards implementing the Party and State’s policies on international economic integration.
The protocol covers many important legal commitments on goods exchange, service trading, intellectual property and investment. Effective implementation of the protocol will have long-term and far-reaching impacts on the country’s economic, cultural and social life and national security and defence. Therefore, thorough preparations should be made in order to make the best of favourable opportunities and overcome challenges with a view to protecting the State’s interests and ensuring the fulfillment of obligations by a WTO member.
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