NEWS
FROM THE COMMITTEE ON WAYS AND MEANS

 FOR IMMEDIATE RELEASE Mark Gundersen
(202) 225-8933
June 8, 2001

Transmittal of U.S.-Vietnam Bilateral Trade Agreement Marks a Milestone in Strengthening Trade Relations Between Our Two Countries, says Ways and Means Chairman Thomas

Washington – President George W. Bush’s transmittal to Congress of the U.S.-Vietnam Bilateral Trade Agreement (BTA) is an important step in advancing his trade agenda and in strengthening economic ties between our two countries, says Ways and Means Committee Chairman Bill Thomas (R-CA).  “Vietnam has made significant progress in introducing economic reform.  As a result, the country has emerged as one of Southeast Asia’s more promising economies, and has the potential to be a strong trading partner with America,” he stated.

“President Bush has taken a sensible and necessary step in building a consensus on trade by transmitting this agreement.  I believe that Congress will approve the Vietnam BTA with broad bipartisan support,” said Chairman Thomas.

Under the agreement, Vietnam will undertake measures to further open its markets to US exports, reduce tariffs on US goods and ease barriers to US financial and other services.  The World Bank has estimated that Vietnam’s exports to the US will more than double once the agreement is in place.

Thomas also called on his Democratic colleagues to make progress on trade promotion authority for President Bush:  “Trade promotion authority is critical if the United States is to remain the global trade leader.  Congress must act on it so that the United States can continue to assist developing countries in embracing economic reforms as well as to open overseas markets for U.S. goods and services.”