The urgency of renewal economic law based on Pancasila values

The nation of Indonesia placing the Pancasila as the basis of the state has the juridical consequence that is every statutory regulation in Indonesia must be made and applied following the value of Pancasila. Pancasila is practised in every aspect of the Indonesian people, including economic activities. Economic Law as a set of norms regulating economic activities must be built in line with Pancasila, especially in globalisation and international trade liberalisation. This study aims to analyse the urgency to reform the Economic Law in Indonesia based on Pancasila. This research is normative juridical research with a conceptual approach. The results show that it is necessary to renew Indonesian Economic Law following international norms by keeping up with the times but still upholding the values of Pancasila as the basis of the state. Keywords: Pancasila, economic law, reformatio