Extending Permanent Normal Trade Relations to Vietnam

EXTENDING PERMANENT NORMAL TRADE RELATIONS TO VIETNAM -- (House of Representatives - November 13, 2006)

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Mr. RAMSTAD. Mr. Speaker, I have long been an ardent supporter of trade expansion because the bottom line is jobs. Fully 95 percent of the world's population lives outside the United States, and the global economy is projected to grow at three times the rate of the U.S. economy. We must continue to take steps to make sure American farmers, manufacturers and service providers remain leaders in the international marketplace and our products have fair access to foreign markets.

Vietnam is the fastest growing economy in Southeast Asia and continues to grow in significance as a U.S. trading partner. By our granting Vietnam PNTR status, U.S. businesses will be able to take advantage of the increased market-access opportunities the Vietnamese have offered in return. And increased market access to Vietnam will also help provide U.S. companies a competitive sourcing counterbalance to China in the region.

Without passage of this legislation, U.S. companies will not be able to take advantage of the Vietnamese concessions. And in addition, the United States will not be able to engage in dispute-settlement cases with Vietnam in the World Trade Organization.

Therefore, Mr. Speaker, I would like to thank Chairmen Thomas and Shaw for their leadership on bringing forward this important legislation, and I would also like to thank Ranking Member Rangel and Representative Thompson for their support of this legislation.

Mr. Speaker, I urge my colleagues to support passage of H.R. 5602.

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