U.S., Vietnam to promote trade relations

The United States and Vietnam vowed on Monday to launch negotiations to conclude a Trade and Investment Framework Agreement (TIFA), a platform on which the two countries will work to further strengthen their trade and investment ties.

"I am enthusiastic about our joint vision for the future of this relationship," said U.S. Trade Representative Susan Schwab when meeting with visiting Vietnamese Deputy Prime Minister Pham Gia Khiem.

"Vietnam is a dynamic and rapidly growing economy, and we see a TIFA as an important vehicle for promoting continuation of the impressive expansion in our trade and investment relationship that we have witnessed over the past few years," Schwab said.

The TIFA will establish a formal dialogue under which the two countries could discuss new initiatives to deepen their trade and investment ties, according to U.S. officials.

Vietnam, which became the World Trade Organization's (WTO) 150th member in January, is currently the U.S. 43rd largest goods trading partner with 9.7 billion dollars in total goods trade during 2006.

The United States exported 1.1-billion dollar worth of goods to Vietnam last year. Two-way trade has grown 500 percent since 2001, when the United States and Vietnam signed a Bilateral Trade Agreement.

Source: Xinhua