Egypt is currently witnessing an unprecedented process of legal reform. Laws that govern and affect economic activities are being amended or abolished, and several new laws are being introduced. Legal reform is an inevitable consequence of the shift toward a market-oriented economic policy. Since laws and regulations are the means of implementing economic policies, the success of our economic transition depends largely on our success in creating a market-friendly legal system. Any market economy, no matter how sophisticated, needs laws and regulations in order to function.
Recent efforts at legal reform, however, have resulted in the creation of an inconsistent and incoherent body of laws and regulations.
In order to rectify these inconsistencies, a legal reform committee headed by President Mubarak should be established, bringing together ministries, politicians and consultants. Among this committee's objectives should be the review of the current shortcomings in our legal system and obstacles that hinder the establishment of a healthy investment environment. The committee should agree upon general guidelines and a framework to govern the reform process.
A list of necessary legal reforms and bills must also be drawn up. The committee should state the priorities of the reform process, and set a time frame, so that the legal and business community can participate in debating new laws.
The current state of affairs leaves much to be desired and could affect the success of our privatisation programme. An integrated vision to govern legal reform is necessary.
* This week's Soapbox speaker is a lecturer in commercial law at Menoufiya University and a PhD candidate at King's College, London.
Egypt is currently witnessing an unprecedented process of legal reform. Laws that govern and affect economic activities are being amended or abolished, and several new laws are being introduced. Legal reform is an inevitable consequence of the shift toward a market-oriented economic policy. Since laws and regulations are the means of implementing economic policies, the success of our economic transition depends largely on our success in creating a market-friendly legal system. Any market economy, no matter how sophisticated, needs laws and regulations in order to function.