Time running short on Vietnam membership bid for WTO

Time running short on Vietnam membership bid for WTO

Vietnam was told by member states of the World Trade Organization that time was running out if it wanted to join the WTO by the end of the year, trade sources said over the weekend after a round of membership talks.

Although the aim was supported by negotiators during informal meetings at WTO headquarters, diplomats said a "tremendous effort" would be needed to wrap up a deal in time for approval by the organization's ministerial conference in Hong Kong in December.

Nonetheless, negotiators said the overall process was speeding up.

"It is clear that work is accelerating and that significant progress has been made on the multilateral, bilateral and legislative fronts," chief negotiator ambassador Eirik Glenne of Norway said in Geneva.

However, Glenne cautioned that Vietnam and its trading partners needed to conclude their bilateral agreements by the next negotiating session in September to achieve the target of year-end membership.

Glenne said the WTO had so far received no formal notice of bilateral agreements by trading partners with Vietnam, a primary step in sealing an overall membership agreement.

However, Vietnam's vice trade minister Luong Van Tu said the country had reached agreements with eight trading partners.

Only two members, Argentina and the Euroepan Union, confirmed they have reached bilateral agreements, trade sources said.

More than 40 of the WTO's members are taking part in the working party on Vietnam's accession.

A key concern raised during the meeting was Vietnam's attempt to ensure that only Vietnamese nationals would have the right to import some products.

Vietnam received strong support from countries in the Association of Southeast Asian Nations (ASEAN), including China, during the talks in Geneva, trade sources said. -- AFP