Earlier this week, the White House released a joint statement with the Socialist Republic of Vietnam, stating that the countries have agreed on a Framework for an Agreement on Reciprocal, Fair, and Balanced Trade to strengthen their bilateral economic relationship. This framework will provide both countries’ exporters with unprecedented access to each other’s markets. The Agreement will build upon the longstanding economic relationship, including the U.S.-Vietnam Bilateral Trade Agreement signed in 2000 that entered into force in 2001.
Key terms of the Agreement specifically pertaining to agriculture will include:
- Vietnam will provide preferential market access for substantially all U.S. industrial and agricultural exports to Vietnam.
- The United States and Vietnam have committed to addressing and preventing barriers to U.S. agricultural products in the Vietnamese market, including with regard to U.S. regulatory oversight and acceptance of currently agreed-upon certificates issued by U.S. regulatory authorities.
- Vietnamese companies have signed twenty memorandums of understanding with U.S. companies to purchase U.S. agricultural commodities, with a total estimated value of over $2.9 billion.
In the coming weeks, the U.S. and Vietnam will work to finalize the Agreement on Reciprocal, Fair, and Balanced Trade, in preparation for its signature. CCM staff will continue to monitor the situation and keep the membership updated on its status.
To read the full release from the White House, click here.
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