All WTO members must approve Vietnamese accession bilaterally, and by accepting the terms agreed by the Working Party.
Accession to the WTO is expected to make a positive and lasting contribution to the process of economic reform and sustainable development in the People's Republic of Vietnam.
It will also bring trade relations between the People's Republic of Vietnam and the European Union and the WTO membership into a stable and legally binding framework.
Some key Vietnamese commitments:
Vietnam will grant full trading rights not later than 1 January 2007, except for limited amount of products for which full trading rights will be granted in 2009, and products subject to State Trading enterprises such as tobacco and cigarettes.
Vietnam will remove import restrictions on small motorcycles with an engine capacity exceeding 175 cm3: it will replace restrictions with a licensing system.
To ensure that subsidies granted to export processing zones are not trade-distorting, Vietnam will remove the commitment by producers to export as a criteria for establishing businesses in export processing zones.
Vietnam will revise its system of excise duties on spirits to remove the discriminatory taxation of some spirits. Vietnamese export duties on ferrous and non-ferrous scrap metal will be reduced.
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