A worker at Ha Nam textile company (Photo: VNA) The Ministry of Justice is co-ordinating with relevant ministries and sectors to review domestic legal regulations for necessary revision and supplementation in accordance with stipulations in the newly reached Trans-Pacific Partnership (TPP) agreement.
Speaking at a press conference in Hanoi on October 16, head of the Ministry’s Office and Spokesperson Tran Tien Dung said the government was effectively building and assessing legal normative documents.
The TPP started out as P-4 with Chile, New Zealand, Singapore and Mexico. The US joined in September 2008 and Vietnam in early 2009. The deal now brings together 12 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.
The completion of the world’s largest free trade pact on October 5 in Atlanta, the US, has elicited positive responses from many countries.
After the signing, the document must receive approval from member countries’ governments and parliaments before taking effect.
The TPP will become a free trade region of 800 million people, accounting for 30 percent of global trade and about 40 percent of the world’s economy.
Vietnam is expected to benefit the most among the 12 countries. The pact will help expand Vietnam's GDP by 23.5 billion USD by 2020 and 33.5 billion USD by 2025.
The nation's export turnover should increase by 68 billion USD by 2025. The zero import tariffs in large markets like the US, Japan, and Canada will create a huge advantage for Vietnamese exports.
In the third quarter of this year, ministries submitted 14 bills and ordinances to the Government, including three draft laws and one ordinance drafted by the Ministry of Justice (MoJ).
The Government, Prime Minister Nguyen Tan Dung, ministries and ministerial-level agencies promulgated 22 documents, encompassing 11 decrees, one decision, nine circulars, and one joint circular.
The MoJ proposed revising or removing 88 out of the 103 administrative formalities in 26 draft documents.-VNA
