Hanoi (VNA) – The Ministry of Industry and Trade(MoIT) is working to align Vietnam’s legal regulations with the Comprehensiveand Progressive Agreement for Trans-Pacific Partnership (CPTPP) – a dealexperts see as hugely important to the country.

The CPTPP, which took effect in Vietnam onJanuary 14, gathers 11 member states, namely Australia, Brunei, Canada, Chile,Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam thataltogether make up 13.5 percent of global GDP.

Ngo Chung Khanh, Deputy Director of the MoIT’sMultilateral Trade Policy Department, said to make regulations in line with theagreement, the ministry issued Circular No. 03/2019/TT-BCT that stipulatesrules of origin for products traded under the CPTPP. This circular came intoforce on March 8.

The MoIT is working with the Ministry of Scienceand Technology and the Ministry of Finance to compile a draft law amending andsupplementing some articles of the Law on Insurance Business and the Law onIntellectual Property, he said, adding that the Government is preparing adossier on this draft to submit to the National Assembly for consideration.

The MoIT is also drafting decrees and circularsin terms of competition and trade remedies to guide the CPTPP’s implementation,Khanh noted.

Shortly after the agreement took effect, theGovernment issued a plan on the CPTPP implementation.

The MoIT has received reports from 13ministries, sectors and agencies at the central level and 35 units at the locallevel on their implementation of this trade pact.

Most of them plan to disseminate the contents ofthe CPTPP under various forms; overhaul legal documents to ensure they matchthe agreement’s provisions; carry out programmes to assist businesses toimprove their competitiveness; and make support policies and mechanismstargeting firms operating in the fields under the agencies’ remit.

The official said his ministry has also beentaking actions to ensure all enterprises understand Vietnam’s commitments underthe CPTPP so as to make the best use of the agreement.

Notably, it has upgraded the website on the dealat to meet people and firms’ demand for information,he noted, adding that meetings and workshops have also been held in manylocalities to popularise the CPTPP.

Experts have said the extensive commitments inthe deal will provide Vietnam more chances to perfect its business climate.Additionally, they also require the country to revise its regulations in linewith international standards.

Participating in the CPTPP generates majoropportunities, and challenges are manageable if appropriate implementationplans are issued and all parties, including the Government, businesses andpeople, are proactive, according to experts.-VNA