Nov 23, 2012

Myanmar parliament abrogates three laws, enact foreign investment law

The 5th session of Myanmar's parliament, which ended in Nay Pyi Taw on Thursday, has mainly abrogated three laws and enacted a new foreign investment law, official media reported Friday.

The three revoked laws are 1964 Myanmar Five Star Shipping Corporation Law, Land Confiscation Act related to mines and Public Services Protection Act.

The parliament passed measures for settlement of debt from Asian Development Bank (ADB), World Bank (WB) and Paris Club member countries.

The parliament approved the government's proposed signing of nuclear non-proliferation treaty with the International Atomic Energy Agency (IAEA) and supplementary agreements and proposed establishment of diplomatic relations with Iceland.

The parliament is also assumed to pass the bill amending the constitutional tribunal of the union law and 2012-13 union supplementary budget bill awaiting the president's approval as well as the report of the Joint Public Accounts Committee regarding the report of Office of the Auditor-General of the Union on inspection of budget and expenditure of government departments in 2011-12.

The parliament's 5th session involving two houses began on Oct. 18.

During its last 4th session which lasted from July to September, the parliament passed some laws including Foreign Exchange Management Law and Social Security Law.

That session approved the nomination of U Nyan Tun as new vice president, government's appointment of 11 new persons to take up ministerial posts and one new auditor-general.

Moreover, opposition leader and parliamentarian Aung San Suu Kyi was named chairperson of a 15-member Committee for Rule of Law and Tranquility of the Lower House on Aug. 7.

Over the last session, the former nine-member Myanmar Constitutional Tribunal, led by U Thein Soe, resigned after the parliament passed an impeachment with a majority vote against the constitutional tribunal for breaching the provisions of the constitution and the failure to discharge the vested duties under law.

Source: Xinhua