Trade Representative Susan C. Schwab issued the following statement upon President Bush's signing of legislation authorizing him to grant Permanent Normal Trade Relations (PNTR) to Vietnam and extending major trade preference programs.
“With his signature, the President ushered in a new era of economic opportunity and cooperation between the United States and Vietnam."
"He also extended trade preference programs that have helped alleviate poverty and created economic opportunities for people in dozens of developing countries, strengthened our economic relationships with those countries, and given consumers here at home more choices."
“This comprehensive legislation, approved with broad bipartisan support in Congress, underscores the United States' commitment to advancing trade policies that benefit all Americans while also promoting economic development."
“I am confident that this commitment will continue in the 110th Congress as the Bush Administration and lawmakers from both parties work on the U.S. trade agenda, starting with free trade agreements with our Latin American allies, Peru and Colombia.”
BACKGROUND Before adjourning, the Congress passed comprehensive trade legislation that was signed by President Bush on December 20. The key trade-related provisions of the legislation are as follows:
Vietnam Permanent Normal Trade Relations (PNTR) PNTR permits the United States to enter into the reciprocal “most favored nation” relationship that is necessary for the United States and Vietnam to enjoy the benefits of Vietnam's membership in the World Trade Organization (WTO).
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