First published by Ohmynews on 2006-12-10 06:35 (KST)
Last effort of the Republican-led House comes after many postponements
The U.S. House of Representatives plenary session passed a package of trade bills on Friday night, including the bill authorizing "Permanent Normal Trade Relation" (PNTR) status for Vietnam, by a vote of 184 to 212.
The package, numbered HR 6346, includes PNTR status for Vietnam, a trade preferences extension for Haiti and a duty reductions renewal for 4 Andean nations that have signed bilateral trade deals with the U.S. and over 100 developing countries. The package is expected to be voted on by the Senate during the weekend as part of part of a larger tax and energy package. This is the last effort of the Republican-led Congress. The Democrat-dominated Congress, in both the House and the Senate, will convene on Jan. 4.
The trade bill for Vietnam was supported by the Bush administration. It has been long awaited for by businesses and people from both countries. It is not only a trade matter. If passed, the bill would end the Cold War requirement that trade with the communist Vietnam be reviewed annually, which has been in effect since 1974.
According to Rob Simmons, a Republican congressman and a Vietnam veteran, this bill is about more than economics. "This legislation is about working together with Vietnam to heal the wounds of the war," he said.
U.S. President George W. Bush had hoped to bring the bill to Hanoi as a gift while attending the 14th Asia-Pacific Economic Cooperation (APEC) summit in mid-November. However, the bill failed in a House vote on Nov. 13, which was seen as an embarrassment for Bush. However, after that failure and many postponements, the House finally passed it.
The bill includes two main sections. The first one mentions grounds for granting PNTR for Vietnam, such as Bill Clinton's decision on normalization of relations with Vietnam, the bilateral agreement of May 2006, progress and commitments made by Vietnam during recent years, as well as the nation's cooperation on the POW/MIA issue. The second section calls for ending Article 4 of the Jackson-Vanik 1974 Trade Law. It also deals with bilateral trade concerns such as government subsidy, textile quota and so on.
U.S. opinion and Vietnam alike welcomed the vote result, considering it a news milestone in the process of normalization of relations between the two former adversaries. It also paves the way for U.S. goods to enter the second-fastest growing economy in Asia and vice versa.
Vietnam will become a full member of the World Trade Organization (WTO) on Dec. 28.
If PNTR for Vietnam is not passed, U.S. businesses will not benefit from tariffs reduction and other favors that Vietnam grants to other WTO members. And Vietnam will not benefit from favors that the U.S. grants to other WTO members.
U.S. Trade Representative Susan Schwab welcomed the vote, saying it would open Vietnamese markets to U.S. goods and open a new era in relations between the two countries.
Democrat Sen. Max Baucus also said the bill "makes certain that more U.S.-made goods will get into Vietnam's markets."
At the time of writing, there has been no official comment from Vietnamese officials about the vote.
Last effort of the Republican-led House comes after many postponements
The U.S. House of Representatives plenary session passed a package of trade bills on Friday night, including the bill authorizing "Permanent Normal Trade Relation" (PNTR) status for Vietnam, by a vote of 184 to 212.
The package, numbered HR 6346, includes PNTR status for Vietnam, a trade preferences extension for Haiti and a duty reductions renewal for 4 Andean nations that have signed bilateral trade deals with the U.S. and over 100 developing countries. The package is expected to be voted on by the Senate during the weekend as part of part of a larger tax and energy package. This is the last effort of the Republican-led Congress. The Democrat-dominated Congress, in both the House and the Senate, will convene on Jan. 4.
The trade bill for Vietnam was supported by the Bush administration. It has been long awaited for by businesses and people from both countries. It is not only a trade matter. If passed, the bill would end the Cold War requirement that trade with the communist Vietnam be reviewed annually, which has been in effect since 1974.
According to Rob Simmons, a Republican congressman and a Vietnam veteran, this bill is about more than economics. "This legislation is about working together with Vietnam to heal the wounds of the war," he said.
U.S. President George W. Bush had hoped to bring the bill to Hanoi as a gift while attending the 14th Asia-Pacific Economic Cooperation (APEC) summit in mid-November. However, the bill failed in a House vote on Nov. 13, which was seen as an embarrassment for Bush. However, after that failure and many postponements, the House finally passed it.
The bill includes two main sections. The first one mentions grounds for granting PNTR for Vietnam, such as Bill Clinton's decision on normalization of relations with Vietnam, the bilateral agreement of May 2006, progress and commitments made by Vietnam during recent years, as well as the nation's cooperation on the POW/MIA issue. The second section calls for ending Article 4 of the Jackson-Vanik 1974 Trade Law. It also deals with bilateral trade concerns such as government subsidy, textile quota and so on.
U.S. opinion and Vietnam alike welcomed the vote result, considering it a news milestone in the process of normalization of relations between the two former adversaries. It also paves the way for U.S. goods to enter the second-fastest growing economy in Asia and vice versa.
Vietnam will become a full member of the World Trade Organization (WTO) on Dec. 28.
If PNTR for Vietnam is not passed, U.S. businesses will not benefit from tariffs reduction and other favors that Vietnam grants to other WTO members. And Vietnam will not benefit from favors that the U.S. grants to other WTO members.
U.S. Trade Representative Susan Schwab welcomed the vote, saying it would open Vietnamese markets to U.S. goods and open a new era in relations between the two countries.
Democrat Sen. Max Baucus also said the bill "makes certain that more U.S.-made goods will get into Vietnam's markets."
At the time of writing, there has been no official comment from Vietnamese officials about the vote.
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