November 7, 2006 marked a new milestone in confirming Vietnam’s renovation achievements as Vietnam was officially admitted to the World Trade Organisation (WTO), the world's largest trade body, during a special meeting of the WTO General Council in Geneva.

The event was witnessed by WTO leaders, Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Pham Gia Khiem and other Government representatives and the press.  

The meeting was followed by the signing of the protocol on Vietnam's WTO entry between the Vietnamese Trade Minister Truong Dinh Tuyen and the Director-General of the WTO, Pascal Lamy.

Many international friends shared this pleasure with the Vietnamese people. The event took place following Asian countries’ agreement to nominate Vietnam for non-permanent member of UN Security Council for the years 2008-2009 and before the 14th APEC Summit.

The admission ended Vietnam’s 11-year long negotiation process in order to join the world's largest trade body and paved the way for the country to join within 30 days of its National Assembly ratifying the accord.

In the trend of widespread globalisation, WTO has become an important space for economic and commercial co-operation. This world's largest trade organisation was established upon the requirement of development in the world and has now attracted the participation of 150 economies including most of the strong economies and 30 observers. WTO regulates the world’s economic and trade activities, accounting for 85% of goods and 90% of services trade in the global. WTO’s goal is to reduce and remove tariffs and it operates in accordance with the main principles, being transparent policies, equal treatment among economies, in discriminatory treatment between economic sectors, open access to goods and services markets. WTO is a forum which helps solve trade disputes and other barriers in trade. WTO is becoming a large and important business world with specific rules necessary for all member economies.

There remain some procedures to be completed, however the status of official WTO member will be realised within 30 days of the Vietnamese National Assembly ratifying the accord.

The Vietnamese Party, National Assembly and Government have made great efforts in initiating policies and measures to reach the target of early joining WTO, considering it as an important step in boosting international economic integration. After WTO’s establishment on January 1, 1995, Vietnam officially submitted its application for membership to the General Agreements on Tariffs and Trade (GATT), the precursor of the WTO, and was accepted as a GATT observer. Vietnam experienced a 11-year long negotiation process including 14 rounds multilateral negotiations and bilateral negotiations with 28 partners. These proved to be the most challenging and longest negotiations in the country’s process of international integration.

However, the experience and lessons drawn from the WTO joining negotiations are of great value for Vietnam in participating in international forums and business. During the process of negotiations, active preparations were made to help the administration at different levels, sectors and localities rapidly adapt to WTO environment. This reflects the correctness in building policies and great efforts in boosting international economic integration as well as determination and potential of the Party, State, businesses and the entire people aimed at successfully implementing the renovation process and building a prosperous people, a strong country and an equitable, democratic and civilised society so as to be well-matched with other nations in the regional and the world at large.

Joining WTO requires the Vietnamese people to unite together to create a new strength to make full use of all advantages and overcome challenges to reach rapid and sustainable development. Welcoming the WTO integration, the Vietnamese people are strongly determined to early lift the country out of underdevelopment and at the same time contribute to perfecting this global economic and trade structure.

By TRINH NAM DUONG