WTO approves Vietnam as 150th member

WTO approves Vietnam as 150th member    Vietnam is set to become the 150th member of the World Trade Organization with the decision Tuesday by the general council of the WTO to approve the Southeast Asian country's membership agreement.
   The country will become a member after it informs the WTO that it has ratified the deal. The decision ends more than 11 years of preparation, including eight years of negotiation.
   U.S. Trade Representative Susan C. Schwab said: 'The United States is very pleased' by the approval and 'welcomes Vietnam into the international trade community. The world will benefit from the inclusion of this rapidly growing, dynamic economy in the rules-based trading system.'
   'We now call upon Congress to quickly pass Permanent Normal Trade Relations legislation that will permit U.S. businesses, workers and consumers to benefit fully from Vietnam's accession, and to build deeper and stronger bilateral trade ties going forward,' she added.
   According to the latest WTO data, Vietnam's merchandise exports were $26.5 billion in 2004, and its imports were $32.0 billion.