Vietnam’s WTO Membership Becomes Official

Vietnam became a member of the World Trade Organization (WTO) on January 11, paving the way for
removal of textile and apparel import quotas. However, Vietnam’s textile and apparel exports will
be closely monitored under a new US Department of Commerce program designed to ensure there are no
unfair trade practices. If that happens, the Bush administration has pledged to self-initiate
anti-dumping procedures that could result in penalties, including new import restrictions.

US Trade Representative Susan C. Schwab hailed Vietnam’s entry into the WTO as an “historic
day” marking the beginning of a new era in political and economic relationships between the United
States and Vietnam. She said it is “an important milestone” in the continuing process of expanding
commerce and raising living standards around the world. Schwab also noted that Vietnam’s entry into
the WTO is based on commitments to abide by international trading rules and will provide greater
access to its fast-growing market of more than 82 million people.

January 16, 2007