The United States announced last Monday that it would launch a series of international trade talks with Vietnam that could result in a free trade agreement (FTA) with the Asian nation. The Office of the US Trade Representative announced the start of negotiations concerning a TIFA (trade and investment framework agreement) three days after US Trade Representative Susan Schwab met with Vietnamese Deputy Prime Minister Pham Gia Khiem in Washington. It must be noted that Mr. Keim is also the current foreign minister of Vietnam. Such kind of international trade deal can possibly lead to an FTA between the two countries.

However, an official of the Bush administration said that although the US was always seeking for opportunities to boost its international trade relations with other countries, the deal would not necessarily result in a full trade agreement. The official, who refused to be identified, stated that the scheduled negotiations would cover issues like the protection of intellectual property rights and the opening up of Vietnam's markets. It must be noted that the Asian nation pledged to make its markets more accessible before joining the World Trade Organization (WTO).

The newly proposed international trade pact would expand the free trade agreement that was signed by the US and Vietnam in 2001. Ms. Schwab said that she was enthusiastic about the joint mission to improve the trade relations between the two countries. According to her, Vietnam has a fast-growing economy and that a TIFA was vital in boosting the relationship between the two countries in terms of international trade and investment.

It must be noted that last December, the US Congress approved Vietnam's normal trade status. A month after that, the Asian nation became the newest and 150th member of the World Trade Organization (WTO). Meanwhile, US-ASEAN Business Council President Matthew Daley welcomed the news about the proposed international trade deal between the US and Vietnam. Mr. Daley's organization seeks to establish ties with the members of the Association of Southeast Asian Nations. It must be noted that Vietnam is the 43rd-biggest partner of the US in terms of international trade. Trade in goods between the two countries reached up to $9.7 billion in 2006. According to reports, bilateral trade between the US and Vietnam improved by 500% since 2001. Although the date of the start of the negotiations has not been specified yet, it is likely to begin in the next few weeks. But an official of the Bush administration said that they hoped to complete the negotiations before the visit of Vietnamese President Nguyen Minh Triet to the US later this year.