Hanoi, January 25:

Vietnam moved a step closer to entering the World Trade Organisation (WTO) today after securing an accord with New Zealand, leaving the United States and Australia as the last major trading partners yet to wave the green flag.

Vietnamese deputy trade minister Luong Van Tu and New Zealand ambassador Michael Chilton signed an agreement, according to a statement. “Both sides made considerable concessions in several domains”, the statement said taking note of Vietnam’s standing as a ‘developing country in the process of economic transformation.’ The two countries have had 10 rounds of gruelling negotiations starting in 2002 to reach an agreement.

Vietnam-New Zealand trade has been growing at a rate of 35 per cent to 40 per cent annually, it noted. According to New Zealand official figures, exports to Vietnam stood at $140 million by the end of June 2005 and imports at $108 million.

Last week, Vietnam and the United States were reported to have made progress in separate talks on the Vietnam’s WTO application. The talks focused on major issues including agriculture tariffs, telecommunications, export subsidies, market access for service companies and intellectual property rights. Another round of talks is expected to be held before the end of March. Vietnam wanted to join the WTO during its last ministerial meeting in Hong Kong in December but it has yet to sign necessary bilateral agreements with a handful of trading partners. Apart from the United States and Australia, the other countries include Mexico, Honduras and the Republic of Dominica.