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The urgency of harmonization between investment law in Indonesia and international law in capital investment disputes resolution

Author

Listed:
  • Abdul Halim Barkatullah

    (Faculty of Law, Universitas Lambung Mangkurat, Banjarmasin, Indonesia)

  • Djumadi

    (Faculty of Law, Universitas Lambung Mangkurat, Banjarmasin, Indonesia)

Abstract

In the era of trade liberalization marked with mega competition, investors have been more freely to invest. For that the recipient of capital must prepare various means to attract investors. Consideration for potential investors, if he wants to invest his capital abroad is the existence of dispute resolution institutions between investors and the host country. In Indonesia after the Capital Market Law settlement of investment disputes, in the resolution of investment disputes between investors and the Government of the Republic of Indonesia through arbitration institutions. Indonesia has ratified the New York Convention 1958, then the convention becomes national law. This means that the foreign arbitral award will automatically be recognized and enforceable in Indonesia. Arbitration institutions as one of the Alternative Dispute Resolution (ARD) in Indonesia has been legitimately stronger with the enactment of Arbitration and ADR law. With the issuance of this law, doubts on the execution of arbitral awards, especially international arbitral awards can be minimized. Thus, the arrangements of foreign investment in Indonesia should also be harmonize with the regulations of International Law, in this case the International Trade Law of GATT/WTO and International Center for the Settlement of Investment Disputes (ICSID) Convention on the settlement of investment disputes between States and Nationals of other States. This does not mean that Indonesia has transferred its sovereignty to the International Law, since the principles of GATT/WTO has exceptions and the implementation of the ICSID Convention in dispute resolution should have prior written approval from the Government of Indonesia.

Suggested Citation

  • Abdul Halim Barkatullah & Djumadi, 2018. "The urgency of harmonization between investment law in Indonesia and international law in capital investment disputes resolution," Journal of Advances in Humanities and Social Sciences, Dr. Yi-Hsing Hsieh, vol. 4(3), pages 154-160.
    • Handle: RePEc:apb:jahsss:2018:p:154-160
    DOI: 10.20474/jahss-4.3.4
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    References listed on IDEAS

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