U.S. and Vietnam Extend Their Bilateral Textile Agreement Through 2005
On July 22, 2004, the U.S. and Vietnam signed a memorandum of understanding (MOU) extending the existing U.S.-Vietnam bilateral textile agreement for another year, through December 31, 2005.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
In this MOU, the U.S. and Vietnam also agreed that, upon request by Vietnam, the U.S. would increase the 2004 quota limits to the maximum extent permitted by the carryforward provisions of the bilateral textile agreement. (See ITT's Online Archives or 07/29/04 news, 04072925, for BP summary of Vietnam carryforward increases.)
The U.S. and Vietnam further agreed in their MOU that the bilateral textile agreement will remain in effect for the entire January 1, 2005 through December 31, 2005 period, unless Vietnam becomes a member of the World Trade Organization (WTO) to whom the U.S. applies the Agreement Establishing the WTO.
According to the MOU, the provisions of the U.S.-Vietnam bilateral textile agreement remain unchanged, including the provisions regarding the automatic extension of the agreement for additional year(s) and the right to propose revisions to the agreement.
U.S.-Vietnam MOU (dated 07/22/04) available at http://web.ita.doc.gov/otexa/otexagre.nsf/338cf3820a513f5185256e59005bcad9/092d8dfc3e3e1da185256ee000491c41!OpenDocument.
BP Note
Please correct ITT's Online Archives or 07/29/04 news, 04072925 on CITA's notice increasing 25 quotas for carryforward, in order to replace the corresponding paragraph in the July 29th notice with the following corrected paragraph:
(According to CITA, on July 22, 2004, the U.S.-Vietnam bilateral textile agreement was extended another year through December 31, 2005. See ITT's Online Archives or 04/29/03 news, 03042905, for BP summary of the USTR's 2003 notice on the U.S.-Vietnam bilateral which stated that it would run from May 1, 2003 through December 31, 2004, and would roll over for an additional year if the parties did not terminate the agreement, or renegotiate it by December 1 of any year during which the agreement was in effect, until Vietnam enters the WTO.)