The United States and Vietnam on Thursday signed a Trade and
Investment Framework Agreement (TIFA) that will create a platform
on which to further expand and deepen bilateral trade and
investment ties between the two countries.
"The TIFA signing marks another important step forward for both
countries in the steady expansion of our economic relations," said
Deputy US Trade Representative Karan Bhatia, who signed the TIFA on
behalf of the United States.
"I am pleased with the ambitious work program we've agreed to
undertake under the TIFA, which will support Vietnam's domestic
economic reform agenda, create new opportunities for US and
Vietnamese businesses, and allow us to consider additional steps we
may want to take to further strengthen our relationship," he
added.
Signing on behalf of Vietnam was that country's Vice Minister of
Trade Nguyen Cam Tu.
Under the TIFA, the United States and Vietnam will discuss
implementation of the 2001 US-Vietnam Bilateral Trade Agreement
(BTA) and Vietnam's WTO commitments. The two sides also will
explore new initiatives to increase trade in industrial and
agricultural products and services, and to encourage further
investment between the two countries.
Two-way goods trade between Vietnam and the United States
totaled US$9.7 billion in 2006, an increase of 23 percent over the
previous year. The United States exported US$1.1 billion worth of
goods to Vietnam last year.
Vietnam became the WTO's 150th Member on January 11, 2007. With
a market of over 82 million people, Vietnam is the 14th most
populous nation in the world and has experienced economic growth of
more than 7 percent per year for each of the last five years.
(Xinhua News Agency June 22, 2007)
