A lack of knowledge on alternative dispute resolution (ADR) is barring local traders from taking its advantage both at home and abroad, stated business leaders at a dialogue in Chittagong city yesterday.
Business-related cases take time to be resolved in courts, creating frustration among litigants. ADR helps emerging economies like that of Bangladesh to take off and generates confidence in investors, including those from abroad.
The dialogue, “Arbitration at BIAC for settling commercial disputes”, was jointly organised by Bangladesh International Arbitration Centre (BIAC) and Chittagong Chamber of Commerce and Industry (CCCI) at the latter's premises.
Commerce Minister Ghulam Muhammed Quader, at the event, admitted the lack of awareness on ADR and asked trade bodies to spread the idea.
Traders should forward suggestions on ADR to the government, he said.
BIAC Chairman Mahbubur Rahman said they settled 22 out of 46 cases from April 2011 till date and the rest would be resolved soon.
BIAC CEO Toufiq Ali gave a presentation and lawmaker MA Latif, CCCI President Murshed Murad Ibrahim and Senior Vice President Mahbubul Alam and BGMEA First Vice President Nasir Uddin Chowdhury also spoke at the event.