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Source: ag-IP-news

Viet Nam to join WTO

GENEVA - Viet Nam informed the World Trade Organization (WTO) on December 12, 2006 that it has ratified its membership agreement. It will now become the WTO's 150th member on January 11, 2007, according to a press release by the Organization.

WTO members negotiating the terms of Viet Nam's membership completed their task on October 26, 2006 by accepting the documents spelling out Viet Nam's commitments and rights.

The final breakthrough came in the week of October 9 when some tough decisions had to be taken in informal consultations on remaining issues among a small group of members. The finishing touches to Viet Nam's membership package were completed at an informal meeting of the working party on 25 October, which Norwegian Ambassador Eirik Glenne, who chairs the working party, described as a "dress rehearsal" for the October 26 final formal meeting.

The EU said "It has been a road worth taking because it has seen a transformation of the Vietnamese economy and its trading system." Canada described the results as "high quality".

The US praised Viet Nam's "courage" and "perseverance" and described Viet Nam's desire to join the WTO as a vote of confidence in the WTO. "Their membership will be an important addition to the organization," the US said. The time is also "exciting" because US-Vietnamese trade has "expanded by 400% over the last five years to reach almost $8 billion per year," the US said.

China, India, the Association of Southeast Asian Nations, and other Asian, Latin American countries and European countries looked forward to the contribution Viet Nam would make to the WTO. Pakistan said Viet Nam is a model for developing countries struggling to meet the millennium goals - Viet Nam succeeded 10 years in advance, Pakistan observed.