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)