'Law reform support economics'

'Law reform support economics'

JAKARTA (JP): Minister of Justice Oetojo Oesman said yesterday that Indonesia is undertaking legal reforms to support its economic development and to comply with international agreements.

Speaking to a special team of the House of Representatives during the deliberation of a bill on limited liability companies, Oetojo noted that, in order to comply with international agreements to which Indonesia is a party, Indonesia must enact new laws and amend existing laws.

In order to comply with the new General Agreement on Tariffs and Trade (GATT), which came into effect earlier this year, the government will pass new laws on small and medium-sized enterprises, fair competition and limited liability companies.

The government will revise the existing laws on the capital market, copy rights, property rights, trade marks and investment.

As a developing country, Indonesia still has five years to make the legislatory changes needed for compliance with GATT principles.

Oetojo said that the current reforms would not sacrifice the country's interests, especially not the state ideology Pancasila and the 1945 constitution.

"As a member of the world community, Indonesia is not a discrete entity but interconnected with the other countries of the region and of the world," Oetojo was quoted by Antara as saying.

Yesterday's deliberation was the last stage at the special team. The bill will soon be submitted to the House for approval.(rid)