The 14th National Assembly is expected to ratify the Trans-Pacific Partnership (TPP) trade deal at its first session scheduled to take place this July.
On behalf of the government, the prime minister will propose the State President present the trade pact to the 14th NA for ratification at its first meeting in July, the government Office said.
The Ministry of Trade and Industry is assigned to work with the Ministry of Justice, the government Office and related agencies to complete the proposal for submission to the State President.
The Justice Ministry is tasked with cooperating with relevant agencies and local authorities to review laws and suggest legal changes as required by the TPP, according to the government’s Resolution on the Cabinet meeting in April.
A report on legal changes should be finished and presented to the government’s meeting in December this year.
Trade representatives of 12 Pacific Rim countries signed the high-standard trade pact in New Zealand in February this year. They are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US and Vietnam.
The agreement must be ratified by the parliaments of the member states before it goes into force. It will form a free trade region of 800 million people, accounting for 30 percent of global trade and about 40 percent of the world’s economy.
The deal is expected to help expand Vietnam’s gross domestic product (GDP) by $23.5 billion by 2020 and $33.5 billion by 2025, according to the Vietnam News Agency.
Source : TBKTSG
Keyword : TPP, seen going, before legislature, this July.
