Indonesia Overhauls Competition Law in Bid for OECD Membership
Indonesia is actively revising its business competition rules as part of a broader effort to meet the stringent standards required for membership in the Organization for Economic Co-operation and Development (OECD). Jakarta aims to complete key regulatory reforms by 2028, with revisions to its decades-old competition law being a top priority. Chief Economic Affairs Minister Airlangga Hartarto indicated that these revisions would likely focus on aspects such as merger and acquisition notifications. Under current regulations, companies must notify the KPPU (Indonesia's anti-monopoly watchdog) within 30 business days of such acquisitions. A recent example includes a Rp 15 billion (approximately $824,000) fine imposed on TikTok for late reporting of its takeover of e-commerce platform Tokopedia. The OECD has assigned a 'competition committee' to review Indonesia's progress, assessing whether Jakarta has established appropriate legal provisions, sanctions, procedures, policies, and institutions in its competiti...