Vietnam calls trade deal with U.S. 'success'

0 Comments | Asian Political News, July 17, 2000

HANOI, July 14 Kyodo

Vietnam on Friday called a landmark trade agreement it has signed with the United States "a success" for the country's foreign policy and "a new step" in the process of integration into the regional and world economies.

The agreement "meets the desires of Vietnamese and American businessmen...and benefits not only the two countries but also the cooperation in Southeast Asia, the Asia-Pacific region and the world over," Deputy Trade Minister Mai Van Dau told a news conference.

U.S. President Bill Clinton, in a signing ceremony at the White House on Thursday, described the accord as marking a "historic step in the process of normalization, reconciliation and healing between the two nations."

The accord clears the way for the two countries to normalize their trade ties for the first time since the Vietnam War ended in 1975.

Dau said the agreement, signed by Vietnamese Trade Minister Vu Khoan and U.S. Trade Representative Charlene Barshefsky, would be "fully implemented in the spirit of mutual respect and respect to each other's interests and sovereignty."

In an interview in Washington with the official Vietnam News Agency, Khoan said the signing was "an important milestone" in the country's integration into the world economy and "creating favorable conditions" for it to join the World Trade Organization.

Khoan said the accord can open a potential market and at the same time pose challenges for Vietnamese exporters.

"The most important thing now is to actively raise our competitiveness," the minister said.