Law Event
Arbitration to resolve emerging commercial disputes
Md.Golam Sarwar
At present, the entity of a country is often flourished through the growing emergence of economy. To make our economy stronger and sustainable, foreign investment is playing a vital role particularly in trade and commercial arena. In this context, the atmosphere which will attract the investor to make more investment is to be ensured. Further, the complexities of trade and industrial system should be managed considering legal principles. The emerging disputes in the trade and industrial area demand speedy and effective remedy going beyond the curse of overburdened court system. It is a well known fact that, our court system is overburdened with millions of cases depriving the fortune of lots of people which ultimately threats to deliver justice as well as to establish rule of law. Considering this, Alternative Dispute Resolution (ADR) plays a crucial role in resolving disputes. In countries that are rapidly developing like our country, it is vital to develop mechanisms to resolve commercial disputes fairly and quickly. To facilitate the acceptance and adoption of ADR in a larger context, Bangladesh International Arbitration Centre (BIAC) is working enormously. On part of this, Dialogue on 'Arbitration as an out of court dispute settlement tool: Global experience and implications for Bangladesh' was organized by BIAC on 20th September at Ruposhi Bangla Hotel, Dhaka. Distinguished panelists from the legal and business community, former justices, and law commission, Ministry of law, senior lawyers and different stakeholders have made their comment on the subject.
The Key note speaker Nina Pavlova Mocheva, Private Sector Development Specialist, World Bank Group presented her view on the importance of arbitration from an investment perspective, global arbitration practices and arbitration in Bangladesh taking on the best international practices. For an effective arbitration regime, she referred for comprehensive up to date law, strong local ADR institution, supportive local courts which can create trust in the legal system.
Dr.Arif Hyder Ali, chairman of Crowel & Morning's International arbitration practice, while presenting via video conference critically analysed the arbitration laws, process and practices along with specific dynamic of arbitral process.
In terms of Bangladesh perspective one of the distinguished panelists from Chamber of commerce informed that arbitration is not a new concept in our legal system. We have arbitration Act 2001 and to popularize the arbitration proceeding considering the emerging issues the government of Bangladesh is contemplating to amend this law.
The existing arbitration law has not covered the effective concept of mediation and reconciliation largely and another important thing that is, the law did not incorporate any provision relating to pre-action measures which might have necessary to access by the parties to the dispute, he added.
Former Justice Awlad Ali recommended for simplification of arbitration procedure discarding going to the court.
Former Attorney General for Bangladesh and former advisor to the Caretaker Government, A. F. Hassan Arif said that to ensure the main purpose of arbitration law minimum intervention of Judiciary is to be maintained by creating the panel of impartial arbitrator.
The chairman of BIAC Mr. Mahbubur Rahman who also chaired the dialogue concluded by saying that BIAC can be an example to facilitate and to create the environment by building capacity measures on arbitration.
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The writer is working with Law Desk, The Daily Star.
