PUBLISHED: 9 Dec 2024 at 04: 40
According to Azalina Othman Said, Minister in the Prime Minister’s Department of Law and Institutional Reform, Malaysia aims to concentrate on business law changes in order to ensure legal safeguards for corporations across Asean member states.
Ms. Azalina stressed the need for mutual reforms, especially in international business regulations, during a recent show in Bangkok to develop consensus and strengthen legal cooperation.
She said balanced company laws are immediate for Asean members, as the country’s countries are substantial trade partners, typically encountering cross-border disputes. ” If all Asean people adopt similar provisions on debate decision, it may develop greater trust in conducting cross-border trade”, she said.
Ms. Azalina emphasized the value of alternative dispute resolution ( ADR) techniques for the Asian group because they offer a means of reaching mutually beneficial agreements without the need for expensive litigation.
” Going to court, especially in a foreign country, is cheap. She said a simple decision procedure that deviates from numerous constitutional protocols would create the ideal environment for international business.
She said that while some professionals work across borders, they often operate discreetly rather than at the government-to-government levels. Implementing ADR at the federal amount may shorten lengthy legal procedures and save money for companies.
Ms. Azalina cited the European Union as an example for Asean to adopt, noting that EU members adhere to a unified strategy for promoting business development, supported by ADR mechanisms, despite their divergent political viewpoints.
Asean’s business relations then extend beyond member countries to partners such as China, India, and Japan through Asean 3 agreements, underscoring the importance of providing strong legal protections to attain financial superstar status.
” Language variations within Asean are recognised, but ADR can serve as a typical, shared model, fostering closer economic cooperation beyond agreements on report”, she said.
Ms Azalina suggested greater collaboration between Thailand’s arbitration centre and its Malaysian counterpart, particularly for business dealings between investors from both countries, to support Malaysia’s aspirations for advancing business law during its Asean chairmanship.
She also urged the use of AI technology to enhance access to justice for Asean’s diverse linguistic landscape.
” For instance, if I travel to Thailand without intentionally breaking its laws, I might find it difficult to comprehend its legal system or locate a Thai attorney.” A shared AI-driven system could provide basic legal FAQs, making justice more accessible”, she said.
She claimed that the EU is already thinking about AI applications in the justice system and that Asean law and justice ministers should work together on these innovations at the 2025 Asean Law Ministers ‘ Meeting.
” I believe this system would benefit everyone in Asean”, she said.