Bill on trade submitted

Ulaanbaatar /MONTSAME/ The Minister of industry D.Erdenebat submitted to the Chairman of the State Great Khural Z.Enkhbold a draft law on trade on April 15. Mr Erdenebat said speaking on the motives to develop the draft that it has been considered necessary to form a legal environment for engaging Mongolia in foreign trades that are mutually beneficial and satisfy principles and regulations of Mongolia’s international agreements and the World Trade Organization’s agreements, for protecting the national economy, for coordinating the trade policies with the domestic industrial policies, also for safeguarding the domestic market from unfair competitions, adjust the commercial activities to international standards, and for ensuring the sustainable development of the sector, increasing thus the effect and contribution of the trades to economic growth. He said the trade relations have been regulated partially by different laws, which often results in out-of-control imports, inordinate domestic market, weak food security and violations of the consumer’s rights. Therefore, "I want to establish a comprehensive domestic legal instrument in harmony with the international legal norms to regulate all relations concerning state policies on promoting economy, social development and domestic industries through trade". He added that a preliminary study had been made on the same types of regulations of some ten countries, and that the draft is based on recommendations and suggestions issued from the Fourth State Conference of Traders and from five discussions held among NGOs, trade unions, private entities and scholars.