HANOI, Nov. 15 (Xinhua) -- Vietnam and Ukraine have signed here an agreement on Ukraine's accession to the World Trade Organization (WTO), local newspaper Vietnam Economic Times reported Thursday.

    The conclusion of bilateral consultations about the accession on Wednesday will create favorable conditions for Ukraine to join the WTO soon, and help strengthen the economic and trade cooperative relations between the country and Vietnam.

    Under the agreement, the two countries recognize each other's full market economy status. Ukraine pledges to slash import taxes on Vietnamese products, including its key items.

    Ukraine also pledges to fully implement WTO agreements, including the General Agreement on Trade and Services, the Agreement on Technical Barriers to Trade, and the Agreement on the Application of Sanitary and Phytosanitary Measures right upon its entry to the organization.

    Vietnam officially became the 150th member of the WTO in January 2007.