GENEVA - Ending over 11 years of preparation, Vietnam is set to become the World Trade Organization’s (WTO) 150th member following a decision by the General Council on November 7, 2006 that approved the Southeast Asian country’s membership agreement.

According to a press release by WTO, the National Assembly of Vietnam now has to ratify the deal and it will become a member 30 days after ratification.

The entry deal includes a detailed list of the tariffs and quotas Vietnam will apply to foreign imports, the ceilings it will apply on subsidies to its farm sector and timetables for reducing them.

It also specifies services such as banking, insurance and telecommunications that Vietnam will open to outside providers and spells out limits to the restrictions it can impose on foreign ownership of firms inside the country.

The deal also includes Vietnam’s commitments to undertake reforms or to preserve reforms that have been introduced in order to secure membership.

Among the commitments are:

Foreign exchange: Vietnam will abide by the International Monetary Fund (IMF) and WTO rules.

Pricing and price controls: Vietnam will comply with WTO agreements and notify the WTO of actions it takes to control prices.

Policy-making and enforcing framework: A number of administrative and legal structures have been introduced or strengthened so that WTO provisions are applied, including the possibility of investigation and judicial review to deal with any complaints.

WTO agreements dealing with rules: Vietnam will comply with the Customs Valuation, Rules of Origin, Pre-shipment Inspection, Anti-dumping, Safeguards, Subsidies and Trade-Related Investment Measures agreements, with some provisions phased in over a period.

Government procurement: Vietnam will consider signing the Government Procurement Agreement after it has become a WTO member.

Export restrictions: Vietnam maintains export controls on some products such as rice, some wood products and minerals (to prevent illegal exploitation).

Standards: Vietnam will apply the Technical Barriers to Trade and Sanitary and Phytosanitary Measures agreements without a transition period.

Intellectual property: Vietnam will comply with the Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement immediately without any transition period.