16:58 | 21/07/2016 Trade
Vietnam and the United States signed an agreement related to antidumping duty over shrimp imported from Vietnam on July 19 morning (Vietnam time).
Deputy Minister of Industry and Trade Tran Quoc Khanh (L) at the signing ceremony (Source: MoIT)
Accordingly, the two sides reached bilateral solutions to settle the two long-lasting World Trade Organisation (WTO) disputes over imports of Vietnamese shrimp to the US, in which Vietnam sues the US for violating WTO regulations when imposing antidumping duty on Vietnamese shrimp.
Earlier on May 20, at Vietnam’s request, the US Department of Commerce began administrative procedures to carry out the WTO dispute findings.
As a result, a Vietnamese exporter of frozen warm water shrimp – Minh Phu Group – will no longer be subject to the antidumping duty order.
In addition, duty deposits will be refunded to the Minh Phu Group.
The antidumping duty order will remain in place for all other exporters of warm water shrimp from Vietnam.
Representatives of Vietnam and the US sign the agreement - Photo: MoIT
The signing of the agreement is the result of negotiation efforts and good will of both sides. Vietnam hailed the US’s enforcement of WTO ruling as demonstrating the country’s respect for its obligations at the WTO and its efforts to intensify multilateral trade as it has declared repeatedly.
It also reflects the US’s goodwill to strengthen its multi-faceted cooperation with Vietnam, especially in the context that the two countries participate in the Trans-Pacific Partnership (TPP) agreement./.