Dec. 11, 2006

Contacts:

Cargill Commends U.S. Congress on Passage of Permanent Normal Trade Relations for Vietnam

MINNEAPOLIS — Cargill Chairman and CEO Warren Staley today commended the U.S. Congress on passage of the bill granting permanent normal trade relations (PNTR) to Vietnam. Passage of the legislation was required for U.S. business interests to receive the benefits of Vietnam’s World Trade Organization agreements.

“This is the final step in a long process that will result in significantly more opportunities for citizens and businesses in both countries,” said Staley. “It will further solidify the growing economic relationship between the United States and Vietnam.”

“Passage of the Vietnam PNTR bill was critical for U.S. farmers and businesses,” continued Staley. “Without it, U.S. farmers, exporters, and investors would have been at a disadvantage vis-à-vis other WTO member countries. The PNTR vote passage enables both countries to enjoy the market access benefits negotiated in Vietnam’s WTO accession agreement.”

Vietnam has a population of over 84 million people with an average age of 26.

“Vietnam is currently a solid market and its promise as a trading partner is great,” noted Staley. “Given Vietnam’s annual economic growth rate of over eight percent and an annual per capita income of US$620 and rising, the future of U.S. and Vietnam economic cooperation will only become more significant for both sides,” he said.

Cargill worked as a member of two Washington, DC-based groups — the U.S.-Vietnam Trade Council as well as the Vietnam PNTR Coalition — to lend support to the process of granting Vietnam full and timely membership in the WTO.