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Administration supports H.J.Res. 51, which would approve the extension
of nondiscriminatory, i.e., Normal Trade Relations (NTR), treatment
for the products of Vietnam.
The
Administration has continued to work with Vietnam to incrementally
normalize our bilateral political, economic, and consular relationship.
U.S. engagement helps promote the development of a prosperous Vietnam
and integrates it into world markets and regional organizations,
which, in turn, helps contribute to regional stability. In addition,
U.S. involvement has secured Vietnamese cooperation and engagement
on a range of important U.S. policy goals, including achieving the
fullest possible accounting of POW/MIAs from the Vietnam War. U.S.
engagement also gives hope of producing gains in respect for human
rights as well.
The
U.S. has extended a Jackson-Vanik waiver to Vietnam for the past
3 years. This waiver, which is a prerequisite for NTR trade status,
has permitted U.S. businesses operating in Vietnam to make use of
U.S. Government programs supporting U.S. exports to and investments
in Vietnam. U.S. business views Vietnam, the thirteenth most populous
country in the world, as an important potential market.
On
June 8th, President Bush submitted the U.S.-Vietnam Bilateral Trade
Agreement (BTA) to Congress for its approval as part of extending
NTR to Vietnam. This BTA binds Vietnam to an unprecedented array
of reforms, including tariff reductions for key U.S. exports, elimination
of non-tariff barriers, intellectual property rights protection,
market access for American service industries, protections for American
investors, and mechanisms to promote the rule of law.
The
BTA's entry into force completes a normalization process that has
spanned four Administrations. Completion of this process will facilitate
important bilateral engagement on other issues of concern.
Pay-As-You-Go
Scoring
Any
law that would reduce receipts is subject to the pay-as-you-go requirements
of the Balanced Budget and Emergency Deficit Control Act. Accordingly,
H.J.Res. 51, which would reduce revenues, will be subject to the
pay-as-you-go requirement. The Administration will work with Congress
to ensure that any unintended sequester of spending does not occur
under current law or the enactment of any other proposals that meet
the President's objectives to reduce the debt, fund priority initiatives,
and grant tax relief to all income tax paying Americans.
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