FREE MARKET TRADE USHERED IN

An agreement signed July 13 between the United States and Vietnam will mean an economic boost for the communist nation and a new market for U.S. goods. On Friday, Vietnamese Trade Minister Vu Khoan praised the deal, according to Associated Press reports. The effects on the country’s commerce could be immediate, as U.S. tariffs that have averaged 40 percent will drop below 3 percent. The deal must still be ratified by the U.S. Congress and will be reviewed annually. U.S. firms will initially have restricted access to Vietnam’s insurance market, but a timetable for complete access is in place.

Topics USA