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Vietnam Today

US & Vietnam meet under Trade and Investment Framework Agreement

Released at: 17:16, 30/03/2017

US & Vietnam meet under Trade and Investment Framework Agreement

Illustrative image. Photo: vietnamnet.vn

First meeting since 2011 held on March 27-28.

by Hai Van

The US and Vietnam met on March 27-28 under their Trade and Investment Framework Agreement (TIFA) to discuss deepening trade ties between the two nations as well as address outstanding bilateral trade issues. The US also used the meeting as an opportunity to reaffirm the Trump administration’s commitment to expanding ties with the Asia-Pacific region, including with Vietnam.

The US urged Vietnam to promptly address bilateral issues, including those related to agriculture and food safety, intellectual property, digital trade, financial services, customs, industrial goods, transparency and good governance, and illegal wildlife trafficking. Vietnam also updated the US team on its plans to implement labor reforms. The two sides agreed to continue dialogue on these issues and to launch working groups focused on resolving bilateral issues, starting with groups on agricultural and food safety issues, industrial goods, intellectual property matters, and digital trade.

They reviewed Vietnam’s implementation of the WTO trade facilitation agreement as well as Vietnam’s participation in the WTO Information Technology Agreement expansion. The two teams also discussed how they could work together to advance common interests in building US-ASEAN ties.

Minister of Industry and Trade Tran Tuan Anh welcomed the resumption of talks under TIFA and efforts to further deepen bilateral trade ties. The US delegation, which was led by Assistant US Trade Representative Barbara Weisel, also included officials from the US Trade Representative, the Department of Agriculture, the Department of Commerce, the Department of Labor, the Department of State, and the US Agency for International Development.

In addition to the Ministry of Industry and Trade, the Vietnamese delegation included officials from the Office of the Government, the Ministries of Agriculture and Rural Development, Natural Resources and Environment, Finance, Foreign Affairs, Health, Information and Communications, Labor, Invalids and Social Affairs, and Science and Technology, and the State Bank of Vietnam.

This TIFA meeting was the first since 2011. In 2016, Vietnam was the US’s 16th largest goods trade partner with $52.3 billion in two-way trade. Vietnam was the US’s 10th largest agricultural export market, with exports totaling $2.7 billion. Trade in services with Vietnam totaled an estimated $3.1 billion in 2015.

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