Posted on April 14, 2021
Vietnam Bilateral Trade Agreements
Vietnam signed a fairly comprehensive bilateral trade agreement (BTA) with the United States in 2000. It came into force in 2001. The BTA was part of the post-war „trade normalization“ process between the two countries and was to be seen as the powerful precursor to a watertight U.S. free trade agreement. In June 2007, Hanoi and Washington signed a framework agreement on trade and investment, another step towards a possible free trade agreement. And in December 2008, the two governments began negotiating a bilateral investment agreement (ILO), which is another. The Bilateral Trade Agreement between the United States and Vietnam (BTA) is a comprehensive document on trade in goods, protection of intellectual property rights, trade in services, investment protection, business facilitation and transparency. The 140-day agreement, which lasted nearly five years, is highly technical and was drafted in accordance with the World Trade Organization (WTO) and other international trade and investment principles. The BTA can essentially be summarized as a commitment by both parties to create the necessary conditions for the products, businesses and nationals of the other party to have equitable access to competition in the other party`s markets. Vietnam Briefing is produced by Dezan Shira – Associates.
The company supports foreign investors throughout Asia from branches around the world, including in Hanoi and Ho Chi Minh City. Readers can write to firstname.lastname@example.org to get more help in their activities in Vietnam. The bilateral trade agreement, signed on 13 July 2000, marks an important step in the historic reconciliation between the United States and Vietnam. By normalizing trade relations and Vietnam`s commitment to comprehensive economic reforms, this will help lay the groundwork for a new U.S. relationship with Vietnam. Such agreements illustrate the strength of EU-Vietnam relations and the opportunities Europe sees in the Southeast Asian country. The EU is achieving a long-term goal of increasing its influence and expansion in ASEAN markets by targeting Vietnam, and European entrepreneurs will have better access to one of the fastest growing Asian economies when the agreements come into force. Despite the interruption of the coronavirus pandemic and the slowdown in the global economy, Vietnam is expected to continue to record economic growth of 4.8% this year, returning to 6.8% in 2021.