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Committee on Ways and Means

FOR IMMEDIATE RELEASE
CONTACT: Press Office (202) 225-8933
July 26, 2001

VIETNAM, JORDAN BILLS PASS WAYS AND MEANS; BUILD FOUNDATION FOR EXPANDED INTERNATIONAL TRADE

WASHINGTON -- A bilateral trade agreement that would extend nondiscriminatory tariff treatment for Vietnam, and an agreement establishing a free trade area between the United States and Jordan were approved today by the House Committee on Ways and Means.

H.J. Res. 51, a resolution to approve the U.S.–Vietnam Bilateral Trade Agreement, passed by a voice vote. The agreement will continue a policy of engagement with Vietnam that has already helped achieve key U.S. policy objectives, such as the fullest possible accounting of U.S. servicemen missing in action and resolution of remaining emigration cases.

"Over time, America’s continued engagement with Vietnam will help establish a foundation for significant change in Vietnam’s trade and economic policies, promoting both internal reform and regional stability," said Ways and Means Chairman Bill Thomas (R-California).

"This agreement will also help shape the direction of an emerging economy which will play a significant and positive role in the future of southeast Asia," he continued.

Congressional approval of the Vietnam agreement, the product of many years of bipartisan effort, will make it easier for American business to tap into an emerging market of almost 80 million, with a well-educated and dedicated workforce.

H.R. 2603, which will eliminate tariffs on virtually all trade between the two countries within 10 years, passed the Committee by a voice vote.

The agreement will eliminate duties and commercial barriers to bilateral trade in goods and services originating in the United States and Jordan. Official and formal letters between the United States and Jordan expand upon and clarify the accord by stating that the governments of the United States and Jordan do not intend to use trade sanctions to enforce any part of the agreement.

Approval of the free trade agreement will recognize Jordan’s efforts to bring peace to the Middle East, as shown by its participation in the 1994 Washington Declaration, which ended the country’s hostilities with Israel, as well as acknowledging the Kingdom’s important role in international counter-terrorism activities.  Fact sheets on both bills are available from the Press Office.