| Indonesia as a member of ASEAN has signed ASEAN Comprehensive Investment Agreement ("ACIA") on February 26th 2009 which is an agreement that encompasses all four major aspects of investments, namely liberalization, facilitation, protection and promotion, with benefits now extended also to foreign investors who are based in ASEAN. ACIA came into effect on March 29th 2012 to support a free, open, transparent and integrated investment regime in the ASEAN region in line with the goal of achieving an ASEAN Economic Community by 2015. Indonesia itself has ratified ACIA by Presidential Regulation No. 49 of 2011 concerning the Ratification of ASEAN Comprehensive Investment Agreement. In order to implement ACIA in 2015, there must be a number of issues that overcome by Indonesian lawmakers' particullary legal issues. In general, the Indonesian Foreign Direct Investment Law such as Presidential Regulation No. 36 of 2010 concerning Negative List of Investment is still does not fit with the spirit of liberalization as carried out by ACIA whereas the current prevailings Indonesian Foreign Direct Investment Law still giving a protection to local industry from foreign capital inflows. With respect to the legal constraint arise in the implementation of ACIA, Indonesia lawmakers' are needed to consider to harmonizing the ACIA within Indonesian Foreign Direct Investment Law. |