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U.S., Vietnam Sign Historic Trade Pact
The United States and Vietnam Thursday signed a historic trade agreement, President Bill Clinton announced at the White House.
"From the bitter past, we plant the seeds of a better future," said Clinton.
He described the agreement as "another historic step in the process of normalization, reconciliation, healing between our two nations."
Clinton said the agreement signed by U.S. Trade Representative Charlene Barshefsky and Vietnamese Trade Minister Vu Khoan would drastically open Vietnam's economy and increase trade between the two countries.
Barshefsky and Khoan resumed trade talks last Thursday in a bid to finalize a trade pact after four years of on-and-off negotiations.
The signing of the trade pact marked a major step toward completing the normalization process which began on July 11, 1995, when Clinton extended diplomatic ties to Vietnam.
The trade agreement must be approved by the U.S. Congress before taking effect.
Under the agreement, Vietnam would reduce its tariffs and undertake a series of measures to open its markets to U.S. goods, services and investment.
In return, Vietnam would get access to the U.S. market under the same system of low tariffs accorded most nations.
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