ASEAN recognizes Vietnam's full market economy status
The Association of Southeast Asian Nations (ASEAN) has recognized Vietnam’s status as a full market economy and called on its partners and other countries to follow the move.
The announcement was made Thursday at the 13th ASEAN Economic Ministers Retreat Meeting in Brunei.
The grouping thus committed not to apply Paragraph 255 of the Report of the World Trade Organization’s Working Party on the Accession of Vietnam. The paragraph relates to determining price comparability in anti-dumping proceedings involving exports from Vietnam.
Speaking at the meeting and a press conference later, Trade Minister Truong Dinh Tuyen thanked other ASEAN country members for their support for Vietnam.
He reiterated Vietnam’s determination to continue its comprehensive reforms in the context of the country’s accession to the World Trade Organization and its pro-active integration in the regional and global economy.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, the Philippines and Vietnam.
Under the bilateral agreement between Vietnam and the US, the US will treat Vietnam as a full-market economy 12 years after Vietnam becomes a WTO member.
Vietnam and the EU held last month the first working group meeting on criteria of market economy status.
Reported by Xuan Danh – Translated by The Vinh
