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Legal and
Regulatory Reform for Commercial Transactions
A key pillar of
the Ministry of Commerce and Industries’ work in
support of private sector development is to
establish a legal and regulatory framework necessary
for the functioning of an efficient free market
economy, and to have in place a modern system of
commercial legislation.
Currently, the
ministry has completed the review process for four
laws and these have been submitted to the Ministry
of Justice/Taqnin: the Arbitration,
Partnership, Corporation and Mediation Laws. These
laws are undergoing a detailed review process by the
Taqnin with the support of the MoCI before
submission to the Council of Ministers.
At this time,
the Taqnin has completed the review for the
Partnership Law and is beginning work on the
Corporation Law. It is hoped that the Taqnin-MoCI
review of the Corporation Law will be completed
within the next month. This could enable the
Council of Ministers to submit both of these laws to
the National Assembly before the end of 2006. The
rest of the draft laws will be submitted to Taqnin,
reviewed there and sent to the Council of Ministers
and thence to Parliament over the next 12 months.
A working group is being established
by the MoCI, including the participation of the
private sector, to prepare implementing regulations
and procedures associated with these laws with the
objective of developing recommendations for the
government of guidelines for implementing these laws
in line with international best practices.
For more
information about these legislative and regulatory
reforms, please contact:
Economic
Governance & Private Sector Strengthening/USAID
Project
Ministry of
Commerce and Industries
Tel: 0799 458735
Email:
jwr@intecon.org
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