The United States and Vietnam on Thursday signed a trade and investment framework agreement which will create a platform on which to further expand growing bilateral trade and investment ties between the two countries.

Under the terms of the agreement, the U.S. and Vietnam will discuss implementation of the 2001 U.S.-Vietnam Bilateral Trade Agreement and Vietnam’s commitments to the World Trade Organization.  The two sides will also explore new initiatives to increase trade in industrial and agricultural products and services, and to encourage further investment.

Earlier this week, U.S. and Vietnamese officials held their annual review of Vietnam’s progress in implementing the bilateral pact. They discussed a broad range of issues including importation rights for U.S. firms, licensing procedures for U.S. investors and service providers, intellectual property rights, customs, and agriculture issues.