The United States and Vietnam on Thursday signed a Trade and Investment Framework Agreement (TIFA) that will create a platform on which to further expand and deepen bilateral trade and investment ties between the two countries.

"The TIFA signing marks another important step forward for both countries in the steady expansion of our economic relations," said Deputy US Trade Representative Karan Bhatia, who signed the TIFA on behalf of the United States.

"I am pleased with the ambitious work program we've agreed to undertake under the TIFA, which will support Vietnam's domestic economic reform agenda, create new opportunities for US and Vietnamese businesses, and allow us to consider additional steps we may want to take to further strengthen our relationship," he added.

Signing on behalf of Vietnam was that country's Vice Minister of Trade Nguyen Cam Tu.

Under the TIFA, the United States and Vietnam will discuss implementation of the 2001 US-Vietnam Bilateral Trade Agreement (BTA) and Vietnam's WTO commitments. The two sides also will explore new initiatives to increase trade in industrial and agricultural products and services, and to encourage further investment between the two countries.

Two-way goods trade between Vietnam and the United States totaled US$9.7 billion in 2006, an increase of 23 percent over the previous year. The United States exported US$1.1 billion worth of goods to Vietnam last year.

Vietnam became the WTO's 150th Member on January 11, 2007. With a market of over 82 million people, Vietnam is the 14th most populous nation in the world and has experienced economic growth of more than 7 percent per year for each of the last five years.

(Xinhua News Agency June 22, 2007)