Vietnam has completed all its negotiations for joining the World Trade Organization (WTO), set to become the 150th member of the organization by the end of the year, a WTO source said on Thursday.

The WTO working party negotiating the terms of Vietnam's membership completed its task on Thursday by approving the documents spelling out the country's commitments and rights, the source told reporters.

The documents, or package of agreements, will now go to the WTO General Council, which will probably meet on Nov. 7. to formally decide on accepting Vietnam, which has been seeking WTO membership since 1995.

"Accession to the WTO is a long and arduous process, which requires difficult policy decisions," said Norwegian Ambassador Eirik Glenne, who chairs the working party.

"The government of Vietnam has done admirable work in responding promptly and constructively to members' requests and in putting into place WTO-consistent legislation," he told the final meeting of the group.

Vietnam's Trade Minister Truong Dinh Tuyen said his country and its 82 million people had taken on "extensive and far-reaching commitments" to open markets and economic reforms and hoped to keep up the momentum.

The package of documents approved on Thursday consist of three parts. The first one is a 560-page detailed list of tariffs and quotas Vietnam will apply to foreign imports, the ceilings it will apply on subsidies to the farm sector, etc..

The second one is a 60-page document on services, describing which service areas Vietnam is giving access to foreign service providers and any additional conditions, including limits on foreign ownership.

The third one is the working party's 260-page draft report - describing Vietnam's legal and institutional setup for trade, along with commitments it has made in many of these areas.

Following the WTO General Council, Vietnam's parliament, the National Assembly, will have to ratify the documents and notify the WTO that it has done so. Then 30 days later, Vietnam will officially become a member of the WTO.

Source: Xinhua