John Shaw: “Mr. Speaker, H.R. 5602 would grant permanent normal trade relations with Vietnam and permit U.S. businesses to take full…”

“Mr. Speaker, H.R. 5602 would grant permanent normal trade relations with Vietnam and permit U.S. businesses to take full advantage of the commitments that Vietnam has made as part of its accession into the World Trade Organization. On November 7, 2006, World Trade Organization members voted to approve Vietnam's entry into the organization and Vietnam is expected to officially become a member by the end of the year. To get to this point, Vietnam has clearly made significant economic reforms and will benefit not only the international community, but also the people of Vietnam. As part of Vietnam's accession into the World Trade Organization, more than 94 percent of all U.S. exports of manufactured goods will face duties no higher than 15 percent. Tariffs will also be reduced 15 percent or less on three-quarters of United States agricultural products. Additionally, U.S. service providers will have increased access to Vietnam's market. My own State of Florida already exports over $20 million of goods to Vietnam. With Vietnam's entry into the World Trade Organization, I expect this number to grow even higher, thus benefiting those that manufacture, create, grow and harvest these products, as well as those that package, store and transport them.”