ANALYZING VIET NAM�S TRADE DEFICIT AND THE BALANCE-OF-PAYMENTS PROVISIONS OF THE WTO

ANALYZING VIET NAM�S TRADE DEFICIT AND THE BALANCE-OF-PAYMENTS PROVISIONS OF THE WTO

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Unformatted text preview: 9 th Floor, Minexport Building, 28 Ba Trieu, Ha Noi, Viet Nam Tel: 04 62702158 Fax: 04 62702138 Email: [email protected] ; Website: www.mutrap.org.vn REPORT ANALYZING VIET NAM’S TRADE DEFICIT AND THE BALANCE-OF-PAYMENTS PROVISIONS OF THE WTO ACTIVITY CODE: WTO-8 Version: Final draft Ha Noi, 5 October 2009 Authored by: Assistance from: Peter Naray (Coordinator, Trade Policy Expert) and Paul Baker (Macroeconomist) DMI experts Truong Dinh Tuyen , Dinh Van An, Le Trieu Dung Ngo Chung Khanh PTF experts This document has been prepared with financial assistance from the Commission of the European Union. The views expressed herein are those of the author and therefore in no way reflect the official opinion of the Commission nor the Ministry of Industry and Trade 1 TABLE OF CONTENTS ABBREVIATIONS ............................................................................................................ 2 EXECUTIVE SUMMARY ................................................................................................ 3 INTRODUCTION ............................................................................................................ 10 PART I – ECONOMIC ANALYSIS OF THE BALANCE OF PAYMENTS ................ 11 I.1. INTRODUCTION ............................................................................................... 11 I.2. VIET NAM’S BALANCE-OF-PAYMENTS IN PERSPECTIVE ..................... 11 I.2.1 Evolution of Vietnam’s BOP ............................................................................ 11 I.2.2 Developments in the Trade Balance ................................................................. 15 I.3. SUSTAINABILITY AND STRUCTURAL ISSUES OF THE BOP .................... 18 I.4. SUGGESTED POLICY MEASURES ................................................................... 19 I.4.1 Suggested short-term policy measures ............................................................. 20 I.4.2 Suggested long-term policy measures .............................................................. 21 PART II - TRADE POLICY FRAMEWORK .................................................................. 23 II.1. BOP RULES OF THE WTO RELATED TO TRADE IN GOODS..................... 23 II.1.1 The Balance-of-Payment exception in the GATT/WTO System .................... 23 II.1.2 BOP Rules Applied to Developed Members ................................................... 24 II.1.3 BOP Rules Applied to Developing Members ................................................. 24 II.1.3 Forms of BOP Measures ................................................................................. 24 II.1.4 The Extent, Administration, Coverage and Time Frame of Restrictions ........ 26 II.1.5 The Role of the International Monetary Fund ................................................. 27 II.1.6 Procedural Rules and Legal Aspects of BOP Consultations .......................... 31 II.2. BOP RULES OF THE WTO RELATED TO TRADE IN SERVICES ............... 39 II.3 CONSULTATIONS IN THE WTO BOP COMMITTEE ..................................... 40II....
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ANALYZING VIET NAM�S TRADE DEFICIT AND THE BALANCE-OF-PAYMENTS PROVISIONS OF THE WTO

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