WASHINGTON, DC - The United States and Vietnam signed, on June 21, 2007, a Trade and Investment Framework Agreement (TIFA) that will create a platform on which to further expand and deepen bilateral trade and investment ties between the two countries, a press release by the Office of the United States Trade Representative stated.
Under the TIFA, the US and Vietnam will discuss implementation of the 2001 US-Vietnam Bilateral Trade Agreement (BTA) and Vietnam’s World Trade Organization (WTO) commitments. The two sides will also explore new initiatives to increase trade in industrial and agricultural products and services, and to encourage further investment between the two countries.
Earlier this week, US and Vietnamese officials held their annual review of Vietnam’s progress in implementing the BTA. They discussed a broad range of issues including importation rights for US firms, licensing procedures for US investors and service providers, Intellectual Property Rights, customs, and agriculture issues.
The TIFA negotiations between the US and Vietnam were launched in March 2007, during the visit of Vietnam’s Deputy Prime Minister and Foreign Minister Pham Gia Khiem to Washington.