VietNamNet Bridge - While foreign experts say that Vietnam gained more than it lost after joining the World Trade Organization (WTO), some Vietnamese experts say the opposite. Pascal Lamy, former Director General of WTO Speaking to Tri Thuc Tre on May 15, Pascal Lamy, former Director General of WTO, stuck to his opinion that Vietnam has gained more than it lost as a WTO member. Vietnam has been a member of WTO for the last 10 years, during which it has gained great achievements. Lamy said that Vietnam is a success story as it can fully exploit its comparative advantages. The advantages, as Lamy pointed out, are the high quality of the labor force and productivity. The industries where Vietnam has advantages include electronics, textile & garments, and farm produce. Vietnam has been developing strongly thanks to expansion of relationships and reform policies, while the market opening has brought big benefits. Looking back on Lamy’s comments … [Read more...] about What has Vietnam gained after 10 years of WTO membership?
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WTO chief Roberto Azevedo said that TFA was estimated to trim global trade costs by more than 14% and could boost global growth by half a percentage point per year. — AFP/VNA Photo Viet Nam News GENEVA — The first multilateral deal agreed at the World Trade Organisation (WTO) came into force Wednesday, a step billed as a milestone for the body facing unprecedented threats from a hostile US administration. The Trade Facilitation Agreement (TFA) has now been ratified by 112 of the WTO’s 164 members, crossing the two-thirds threshold needed for activation, the Geneva-based organisation confirmed. Under the deal, nations agreed to simplify and standardise customs procedures at borders to make it easier for goods to flow around the world. WTO chief Roberto Azevedo said that TFA was estimated to trim global trade costs by more than 14% and could boost global growth by half a percentage point per year. ”The trade facilitation agreement in the biggest reform of … [Read more...] about TFA ratified by 112 members of WTO
‘Tireless efforts’ of WTO negotiators open the door (28-10-2006) HA NOI — "We are very delighted to know that the multilateral negotiations held in Geneva, Switzerland on October 26 resulted in the ratification of all required documents for Viet Nam’s accession to World Trade Organisation," Vietnamese Foreign Ministry spokesman Le Dung said in Ha Noi yesterday. Dung was responding to questions from domestic and foreign reporters about Viet Nam’s completion of the negotiation process to become a full member of the WTO. The result was proof of the "tireless efforts" by the Government, relevant ministries and agencies, and the Vietnamese negotiation team at WTO talks over the past years, the spokesman said. "It (the result) demonstrates Viet Nam’s resolve in bringing the national economy into full integration with the regional and international economies," Dung said. "Viet Nam appreciates members of WTO’s Working Party (WP) on Viet Nam, leaders … [Read more...] about ‘Tireless efforts’ of WTO negotiators open the door
Russia has officially become the 156th member of the World Trade Organization (WTO). The agreement on Russia’s WTO membership was signed in Geneva last December, after 18 years of tense negotiations. Earlier, Russian President Vladimir Putin put his signature to the bill that ratifies the country’s entry to the WTO on July 21, which becomes law after 30 days. The Russian government hopes that the accession will help the country to stimulate economic growth and reduce its dependence on oil and gas exports. Russia’s Economic Development Minister said that WTO membership will lower the costs of both imported and domestic goods. According to the World Bank, Russia will now be a 49 billion dollars better off, equal to 3.3 percent of its annual GDP for the first three years of WTO membership and this figure is likely to rise in the future. … [Read more...] about Russia becomes 156th member of WTO
An outdoor photo exhibition themed “Viet Nam Joins WTO to Promote Internal Potentials and Stable Development” opens at Lam Son Square in front of the Ho Chi Minh City Opera House to mark Viet Nam’s first year of WTO membership. More than 90 photos portraying the country widening its relationships with WTO members in various fields are on display. The photos also introduce the nation’s strong points and potentials in developing the economy, trade and investment-cooperation with foreign countries and international organizations. After one year of becoming an official member of the World Trade Organization, Viet Nam has become a world attraction, especially for powerful countries, like EU member countries, the U.S, Japan, Korea, Singapore and more, said deputy Minister of Trade Luong Van Tu. The event is organized by the city Department of Culture and Information. Source: SSGP … [Read more...] about HCMC Hosts Photo Exhibition to Mark First Year of WTO Membership