APEC members urged to reform economic laws

APEC members urged to reform economic laws

JAKARTA (JP): Members of the Asia Pacific Economic Cooperation
(APEC) forum must restructure their economic laws and
institutions in light of the Asian financial crisis, a top
Japanese business leader said on Thursday.

"The Asian economic crisis forced us to recognize that
transparent, accountable and firm legal systems and their
enforcement are very important for the business activities of
companies," Noboru Hatakeyama, the chairman of the Japan External
Trade Organization (JETRO), said.

The need to restructure economic laws and institutions have
become essential as a result of the Asian economic crisis,
globalization and many countries' transition from a planned to
market economy, he said at a symposium on economic legal reforms.

The two-day symposium was initiated by the Australian,
Indonesian and Japanese governments as a follow-up to a joint
APEC call made in New Zealand last year to enhance their economic
legal infrastructures in order to strengthen the workings of the
markets.

The 21-member group, which together controls some 55 percent
of the total world income and 46 percent of global trade, has
agreed to move toward trade liberalization in the region.

The gathering presented officials and experts from member
countries as speakers.

Hatakeyama said the discussions were aimed at heightening
awareness of the issues and to identify the priority areas in
order to establish a framework for future cooperation.

Indonesia saw the symposium as timely, Deputy Cabinet
Secretary Erman Rajagukguk said.

"It comes just as Indonesia is reforming its legal system," he
said, adding that economic recovery would not be possible without
reforming the legal system.

Hatanto Reksodipoetro of the Indonesian Ministry of Industry
and Trade said results from the symposium would be reported at
the APEC ministerial meeting in November and used to construct an
action plan for implementation in each country.

"After the symposium, we will think about the next step, the
action plan, and what specific forms of cooperation do the
members need to build up for their economic legal
infrastructure," said the director general of industrial
institutes cooperation and international trade.

The APEC member countries are Australia, Japan, Brunei,
Canada, Chile, China, Mexico, Malaysia, New Zealand, Hong Kong,
Indonesia, South Korea, Papua New Guinea, Peru, the Philippines,
Russia, Singapore, Thailand, Taiwan, the United States and
Vietnam. (10)