Trade Laws Modification

TRADE LAWS MODIFICATION -- (House of Representatives - December 08, 2006)

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Mr. THOMPSON of California. Mr. Speaker, as a combat Vietnam veteran, I have a strong personal understanding of why granting Permanent Normal Trade Relations status to Vietnam is so important for both our country and theirs. Reconciliation with our former adversary has been a long and on-going effort, and today we are taking a long step toward furthering that process.

This process began more than a decade ago when we lifted the trade embargo on Vietnam in recognition of the cooperation received from Vietnam in POW/MIA accounting. In May, the United States and Vietnam signed a bilateral WTO accession agreement, which was required as part of Vietnam's bid to join the WTO.

For the United States to participate in this trade agreement, Congress must pass legislation granting PNTR to Vietnam.

Mr. Speaker, it's important to understand that congressional approval of PNTR for Vietnam is a necessary step toward maintaining our competitive edge in the 21st century global economy.

By passing PNTR, farmers, ranchers, businesses, manufacturers and consumers will be able to take full advantage of Vietnam's rapidly expanding economy.

The facts speak for themselves: Vietnam has become our fastest growing export market in Asia. In just the last five years, trade between the U.S. and Vietnam has increased more than 400 percent, going from under $1 billion a year to $7.8 billion.

If we fail to pass PNTR, we are putting ourselves at a distinct disadvantage because we will be the only WTO member country that will not have access to Vietnam's booming economy.

Foreign competitors will get the benefit of lower trade barriers--benefits we negotiated--as U.S. farmers, manufacturers and businesses watch from the sidelines.

Also, granting PNTR status to Vietnam advances our interests in areas other than trade.

PNTR will promote ongoing internal reforms within Vietnam. WTO membership will require Vietnam to adhere to WTO rules of law and provide greater transparency where trade matters are concerned. Vietnam's laws and regulations that affect foreign trade and investment will need to be published and made publicly available.

In addition, Vietnam has been cooperative with our efforts to achieve full accounting of U.S. soldiers missing in action.

Enactment of PNTR will further this good working relationship.

Mr. Speaker, today, we have an opportunity to expand our economy and improve American prosperity. We also have an opportunity to eliminate the remnants from a war that ended more than three decades ago.

I urge my colleagues to support H.R. 6406.

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