New Zealand and Vietnam have formally concluded bilateral market access negotiations as part of Vietnam's application to join the World Trade Organization (WTO), New Zealand Trade Negotiations Minister Phil Goff announced in Wellington Wednesday.

"New Zealand has substantial trading interests to secure in Vietnam, which will over time become an increasingly important trading partner. The WTO accession negotiations were a vital, one- off opportunity for New Zealand to secure certainty of access on reasonable terms for its key goods and services exporters," said Goff.

He said the result is a fair one for both sides, with each having to be flexible and make concessions in order for agreement to be reached.

Negotiations have taken place over three years and became intensive in the last 12 months. They culminated in Jim Sutton leading a team of officials to Hanoi in December, and final talks on services between officials earlier this month.

The agreement sets maximum tariff levels for products that New Zealand has a particular interest in, and improves market access for some of New Zealand's key exports. It also safeguards, and allows the future expansion of New Zealand's commercial interests in areas such as education and agricultural services.

Vietnam is a growing trade and economic partner for New Zealand. Current exports are valued at 140 million NZ dollars (98 million U. S. dollars), with considerable potential in a number of areas for New Zealand companies, given the pace of change and development in the Vietnamese market place.

Vietnam is still to complete bilateral negotiations with a few other WTO Members, and agree the overall terms of its accession in the WTO Working Party in Geneva.

Source: Xinhua