WTO invites Vietnam to join

HANOI, Vietnam, Nov. 7 (UPI) -- The World Trade Organization has formally invited Vietnam to join the global body.

Once the Asian nation accepts, as its Parliament is expected to do, the WTO will have 150 member nations.

"The remarkable efforts that Vietnam has put into preparing for membership should be an inspiration to us all, as several members have observed," WTO Director General Pascal Lamy saidin a release.

Joining the WTO gives Vietnam more access to world markets but also obliges the nominally Marxist state to embrace an assortment of capitalistic policies, like cutting high import tariffs.

Vietnam has one of the world's fastest growing economies, with expectations of posting a 7.8-percent increase in gross domestic product for this calendar year.