Mediation centre launched to settle Sino-Bangla trade disputes

Local indenting agents and the apex trade body of China have jointly launched a Mediation Centre in Bangladesh to facilitate settlement of trade-related disputes between the two countries.
President of Bangladesh Indenting Agents' Association (BIAA) KMH Shahidul Haque announced the launch at a press conference held in the city.
"The mediation centre will settle the trade disputes that will be aroused out of business deals between these two countries only through our (BIAA) member firms," Mr Haque said.
Last year, trade between Bangladesh and China amounted to US$ 10.4 billion including Bangladesh's exports of $ 602 million to the world's biggest economy, he said, adding that the growing trade cause many disputes especially in case of delivery of 'lower-standard' products from China and delay in payment from Bangladesh.
"Our main objective is to manage the negative effect of disputes and ensure that any affected party is fairly and adequately addressed for reaching amicable settlement," the association president said.
BIAA this year signed a Memorandum of Understanding (MOU) with legal affairs department of China Council for Promotion of International Trade (CCPIT) Beijing, apex trade body of China, in Kunming to establish the mediation centre at BIAA.
As per the deal, function of the centre will be guided by the Mediation Rules 2012 of CCPIT; a committee comprising BIAA officials will play role as facilitator of the media centre, Mr Haque said.
"All the businesses importing goods from China through 'indenting contracts' will be greatly benefited to settle their trade disputes easily from this mediation center."
The press conference was attended, among others, by BIAA senior vice president M.S.I. Dastagir, vice president Altaf Hossain Biswas, Advocate M. Naser Islam, legal adviser of BIAA, and its other directors.
Responding to a question, Mr Haque said that although the center will be run under the CCPIT rules, the local businesses' interest will be not be hampered as the rules have been prepared following international best practices.
The president said that a lot of trade disputes arouse between the two countries, and resolution of those in the court takes much time. He, however, did not specify how many disputes between the two nations were pending at present.
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