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Channel NewsAsia Sep 23 2008 2:38PM GMT

Russian Economic Development and Trade Minister German Gref considers it important for Russia to join the World Trade Organization before 2008.

Itar Tass reports: “It is critically important for us to complete WTO talks this year to enter a new political cycle in our new quality – a WTO member,” Trade Minister German Gref told a conference of the U.S. Chamber of Commerce on Wednesday.

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thanhniennews.com quoting a comment by Vietnamese Foreign Ministry spokesman Le Dung, says Vietnam is offering a strong support for Russia’s WTO bid.

Again Itar Tass, this time about Ukraine’s accession to the World Trade Organization, quoted on Wednesday April 4, Anatoly Kinakh, the Ukrainian economics minister, saying “the political crisis in Ukraine may lead to the delay of Ukraine’s accession to the WTO“.

After a 11-year long process, it seems Vietnam is to join to WTO.

Erik Glenne, chairman of the ruling General Council of the 149-nation WTO, said: “World Trade Organisation negotiators aim to give Vietnam a green light to join the global body in early October”

Glenne, who also steers Vietnam’s membership talks, told a negotiating session that he aimed to secure a final deal in time for the Council session scheduled for 10-11 October.
Glenne also said that Vietnam needed to come up with more information to show how it would comply, in areas ranging from tariffs and import quotas to farm subsidies and services market liberalisation. (source)

Vietnam hopes to join the WTO before Hanoi hosts an APEC summit in November which US President George W. Bush is expected to attend.

Starting from July 1st, 2006, in Vietnam, both foreign and domestic investors fall under the same Enterprise Law and the Investment Law.

Viet Nam’s new laws on investment and business operations, which have taken effect on July 1st, enable foreign investors to start any sort of business activities not classified as off-limits by the laws. Before that, they were licensed on a case-by-case basis and could only operate as far as their licenses permitted.

However, in order to avoid any conflict with other laws on a wide range of subjects such as land, credit, import-export, taxation, etc… are expected decrees and measures guiding the implementation of the new Investment Law. (source: Vietnam news)