Monday, September 23 2019

VietNamNews

Việt Nam wins vote for UNCITRAL membership

Update: December, 18/2018 - 14:57
A view of the 73rd session of the United Nations General Assembly in New York, USA. — AFP/VNA Photo
Viet Nam News

HÀ NỘI — Việt Nam has secured a spot on the United Nations Commission on International Trade Law (UNCITRAL) for the 2019-25 term in a vote of the 73rd session of the UN General Assembly in New York, the US on Monday.

The country won 157 out of 193 votes to become a member of the commission. This was the first time the country had been nominated for the position.

The UNCITRAL is a United Nations legal body established by the UN General Assembly in 1966 to promote the harmonisation and unification of international trade law, thereby minimising barriers to the development of international trade.

Việt Nam’s success in securing UNCITRAL membership shows the country’s improving international position as well as the worldwide recognition of its contribution to the common work of the international community, including in international trade law. 

Ambassador Đặng Đình Quý, head of the Vietnamese delegation to the United Nations, said the event marked the next step in the active international integration of Việt Nam, a process that involves multilateral legal integration, implementation of the policy of participation, construction and shaping common international rules within the United Nations framework.

In recent years, Việt Nam has actively stepped up its integration into the world economy. It has participated in a number of international conventions and used guidelines on international trade law, including arbitration rules developed within the framework of the UNCITRAL, he said.

The implementation of bilateral and multilateral trade and investment agreements, including the Comprehensive Partnership and Trans-Pacific Partnership (CPTTP), has made it urgent that Việt Nam improve the law on trade.

The UNCITRAL’s activities have focused on the areas of arbitration, reconciliation and reform of dispute resolution mechanisms between the State and investors. The participation of the country will help reduce barriers, resolve disputes and enhance international trade towards sustainable development for the people of Việt Nam and the world. — VNS

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