Deputy Foreign Minister Le Hoai Trung (Photo: VNA) Hanoi (VNA) – Vietnam’smembership of the United Nations Commission on International Trade Law(UNCITRAL) will help the country contribute to maintaining international tradelaw while ensuring its interests, said Deputy Foreign Minister Le Hoai Trung.
Trung made the remarks in an interview with the press after Vietnam secured aspot on the UNCITRAL for the 2019-25 tenure in a vote of the 73rd session of the UN General Assembly in New York on December 18.
He explained Vietnam is integrating into the world’s economy and continuing topromote trade liberalisation by signing various bilateral and multilateraltrade and investment deals, including the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP).
The process requires the country to improve its laws, mechanisms and policies,the official said.
Therefore, the UNCITRAl membership will create conditions for Vietnamese ministries,agencies and legal experts to further bring into play documents and initiativesof the commission in addressing trade and investment-related challenges, Trungnoted.
Vietnam has become a top destination for foreign investors, he said, addingthat disputes between investors and the host country may occur, requiringreforms of the dispute settlement system.
Gaining membership reflects the prominence Vietnam has given to law at bothnational and international levels, and shown that the country is a responsiblemember of the international community, he said.
The UNCITRAL membership, together with the UN International Law Commission(ILC) membership for the 2017-2021 term secured by Ambassador Nguyen Hong Thaoin 2016, signal Vietnam’s increasing position and prestige as well as thefriendship and extensive cooperation between the country and others, Trungsaid.
Before becoming a UNCITRAL member, Vietnam worked as an observer of thecommission and contributed to discussions and meetings of some UNCITRAL workinggroups.
As a member of the commission, the country will have chances to furtherparticipate in activities of the groups, and join efforts to buildrecommendations of the commission.
Joining the UNCITRAL will offer both opportunities and challenges to Vietnam,forcing the country to pay more attention to training legal experts anddiplomats who have knowledge and skills of multilateral foreign affairs, andcapacity to contribute to enhancing Vietnam’s position at multilateral forums.
He urged Vietnamese agencies to utilise technical support from the commissionto disseminate international trade law in Vietnam and complete the domesticlegal system, as well as mechanisms and procedures for the settlement ofinternational trade and investment disputes.
During the 73rd sessionof the UN General Assembly in New York, Vietnam won 157 out of 193 votes tobecome a member of the commission. This was the first time the country had beennominated for the position.
The UNCITRAL is a UnitedNations legal body established by the UN General Assembly in 1966 to promotethe harmonisation and unification of international trade law.
The UNCITRAL’s activities have focused on theareas of arbitration, reconciliation and reform of dispute resolutionmechanisms between states and investors.-VNA
VNA
