Economic laws must be updated: Lawyer<\/p>\n
JAKARTA (JP): Noted corporate lawyer T. Mulya Lubis called on
\nthe government yesterday to update all laws related to economic
\nactivities to enable Indonesia to compete in the free market era.<\/p>\n
\"What we are talking about is an economic law revolution which
\nwill produce a set of economic laws in accordance with the
\nGeneral Agreement on Tariffs and Trade (GATT),\" Lubis said at a
\nseminar on business ethics organized by the Institute for the
\nDevelopment of Indonesian Business Ethics.<\/p>\n
Lubis said Indonesia ratified GATT in 1994. As such, it should
\nadjust its economic laws to GATT's free market principles before
\nthe year 2000.<\/p>\n
\"All restrictive laws should be abolished soon and we have to
\nmake incentive laws to enable us to be more competitive,\" he
\nsaid, adding that most of the country's economic laws often
\nhampered business activities.<\/p>\n
If the government did not adjust the country's economic laws
\nsoon, local companies would probably lose free market
\ncompetition, said Lubis.<\/p>\n
\"Has the government the political will to stage an economic
\nlaw revolution? I don't know the answer,\" said Lubis.<\/p>\n
He acknowledged that the government had tried to improve the
\neconomic legal system by issuing Law No 6\/1989 on patent, Law No
\n19\/1992 on brand, Law No 6\/1982 on copyright, Law No 1\/1995 on
\nlimited companies and the 1996 stock exchange law.<\/p>\n
But, he said, the government had yet to make laws regulating
\nunhealthy practices for which Indonesia had often been
\ncriticized, including monopoly, oligopoly, price control and
\ntrade barriers on such commodities as cement, plywood, paper,
\nfertilizer, sugar, rice, retail, clove, automotive and steel.<\/p>\n
The government had also to make a law which guarantees court's
\nindependence and fairness, said Lubis.<\/p>\n
Lubis said the absence of court's freedom and fairness had
\ncreated a lawless situation where people could break existing
\nlaws with political and economic power.(jsk)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/economic-laws-must-be-updated-lawyer-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}