HCM City (VNA) – Legal harmonisation creates a basis for the formation of a rules-based regional connectivity institution and an ASEAN community united in diversity, held experts at a conference themed “Legal harmonisation of among ASEAN countries towards enhancing comprehensive and sustainable development” held in Ho Chi Minh City on July 10.
Associate Prof. Dr. Vu Van Nhiem, Chairman of the Ho Chi Minh City Law University Council, highlighted the close link between integration and legal harmonisation among ASEAN countries.
In order to overcome challenges and fulfil goals, member countries should work together towards a stronger connected ASEAN, promoting activities to share experience and exchange information, and accepting new legal development trends that are emerging, he said.
Associate Prof. Dr. Pasha L. Hsieh from Singapore Management University underlined the harmonisation of sustainable trade standards - green sector institutions.
The expert mentioned green initiatives promoted by the European Union, the US, and ASEAN, highlighting that understanding these dynamics is important to navigate environmentally sustainable trade and contribute to promoting the harmonisation of relevant legal aspects.
Dr. Nguyen Quynh Anh, Head of ASEAN Law Department and International Links under the Hanoi Law University, said that in order to create a transparent, easy and favourable investment environment for investors, the harmonisation of investment laws among member countries becomes an urgent requirement.
Pointing to opportunities and challenges in the legal harmonisation process, including differences in legal cultures, levels of economic development, and national policy priorities, Anh said that creating a uniform legal framework is a key factor to harmonise investment laws towards a common legal foundation in the region and promote investment and economic development within the ASEAN framework.
She stressed the need for ASEAN member countries to strengthen cooperation, share their standards of conduct and information, and conduct regular dialogues, while improving the capacity and providing more technical support to state agencies, and establishing a mechanism to monitor and evaluate the process of harmonising investment laws in the ASEAN region. She also recommended the building of a common ASEAN information portal on investment./.
