China's market economy status recognized
(Xinhua)
Updated: 2004-10-09 10:33

Vietnam has agreed to recognize China's status as a full market economy and pledged not to apply three restrictive provisions on trade with China as prescribed in documents upon China's accession to the World Trade Organization (WTO).

The agreement was included in a joint communique issued in Hanoi Friday during Chinese Premier Wen Jiabao's official visit to Vietnam.

The provisions are Article 15, on price comparability in determining subsidies and dumping, and Article 16, on transitional product-specific safeguard mechanism, of the "Protocol on the Accession of the People's Republic of China to the WTO" and paragraph 242 of the "Report of the Working Party on the Accession of China," which concerns China's textile exports.

China, for its part, agreed to support Hanoi's bid for WTO membership and expressed the willingness to work with Vietnam for a faster conclusion of bilateral talks on market access.

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