The deal was inked by MARD Minister Le Minh Hoan and U.S. Trade Representative Katherine Tai on October 1.
In October 2020, the U.S. Trade Representative (USTR) launched an investigation into Vietnam’s timber exports under Section 301 of the 1974 Trade Act.
The agreement addresses U.S. concerns in the Vietnam Timber Section 301 investigation.
Ambassador Tai determined that the Agreement provides a satisfactory resolution of the matter subject to investigation and that no trade action is warranted at this time, the USTR said.
The agreement will contribute to improving the prestige of Vietnam's timber sector and creating a foundation for the country's sustainable forestry development. It also demonstrates Vietnam's responsibility in building, issuing and implementing legal regulations, ensuring the legal timber origin in line with relevant regulations of international treaties to which Vietnam is a member.
The U.S. side spoke highly of the agreement, saying “Vietnam will provide a model – both for the Indo-Pacific region and globally – for comprehensive enforcement against illegal timber.”
Currently, the U.S. is the biggest market for Vietnamese wood products, representing an estimated 7.4 billion USD last year, about half of the country's total. In the first eight months of this year the number stood at 6.4 billion USD, up 58.8 percent year-on-year.
- Agreement to boost Vietnam – EU legal timber trade
- Vietnam – Malaysia: Eyeing Two-way Trade Turnover of US$10 Billion
- Vietnam, Russia determined to raise trade to $10 bln by 2020
- EU, Mexico reach 'agreement in principle' on free trade deal
- HKScan, trade union reach agreement on wage terms
- Vietnam, Chile to Launch Free Trade Negotiations
- Vietnam – Canada: Open Opportunity for Trade Exchange
- Vietnam - Russia: New Opportunities for Trade and Investment
- Panasonic to pay $280 million to end U.S. probe of Lake Forest avionics unit
- EU now Vietnam’s fourth biggest timber, wood product buyer
- EU recognises Vietnam’s progress on timber legality
- Vietnam’s shares end two-day downturn
- Vietnam doesn’t fear disadvantages of TPP membership
- Trans-Pacific trade negotiators face high-wire act in Hawaii
- Senegal – a potential export market for Vietnam
- Hungarian PM wishes to enhance multi-faceted cooperation with Vietnam
- Forbes: five engines guarantee Vietnam’s economic growth in 2017
- New Zealand pushes for text of reinvigorated Trans-Pacific trade pact to go public this week
- Vietnam has advantages in exports to Romania
- Adhere to multinational free trade rules
Vietnam, U.S. reach agreement to end timber trade probe have 372 words, post on en.qdnd.vn at October 3, 2021. This is cached page on Talk Vietnam. If you want remove this page, please contact us.