Move to amend Arbitration Act
Friday, 20 May 2011
FE Report
The government has moved to amend the decade-old Arbitration Act in an effort to resolve the growing number of domestic and international commercial disputes, a senior official said. "These changes will give Bangladesh a facelift as an attractive place for dispute resolution in the field of international trade, commerce and investment in a faster and less-expensive way," Secretary, Legislative and Parliamentary Affairs Division, Mohammad Shahidul Haque said. Speaking as the chief guest at a workshop, the secretary said making some suitable changes in the act is necessary in the face of increasing foreign investment in Bangladesh in various sectors. Infrastructure Development Company Limited (IDCOL), a non-banking financial institution (NBFI), organised the workshop on "ADR (Alternative Dispute Resolution) and International Commercial Arbitration" at its headquarters in the city Thursday. During the inaugural session of the workshop, Mr Haque said they have been working with some senior officials of National Board of Revenue (NBR) in recent times for facilitating resolution of disputes in customs-related cases. "For applying the arbitration law in the light of legal procedure it needs experience and proper knowledge in that area but in most of the cases we failed to gain benefit for not having such knowledge," he said. He also urged the institutions concerned to work in the area before making any agreement with donors or overseas investors. The IDCOL chief executive officer emphasised the necessity of developing skilled and knowledge-based negotiators as the local businessmen and entrepreneurs need to be stronger in contract negotiation. "If we can create a team of well-trained negotiators in each institution, it will definitely lead to have a good contract negotiation by removing all the shortcomings in the existing act." Among others, Consultant Attorney, Pillsbury Winthrop Shaw and Pittman of the USA Ms Irene Dallas and Director, Legal Affairs and Company Secretary of IDCOL SM Formanul Islam also spoke at the function.
The government has moved to amend the decade-old Arbitration Act in an effort to resolve the growing number of domestic and international commercial disputes, a senior official said. "These changes will give Bangladesh a facelift as an attractive place for dispute resolution in the field of international trade, commerce and investment in a faster and less-expensive way," Secretary, Legislative and Parliamentary Affairs Division, Mohammad Shahidul Haque said. Speaking as the chief guest at a workshop, the secretary said making some suitable changes in the act is necessary in the face of increasing foreign investment in Bangladesh in various sectors. Infrastructure Development Company Limited (IDCOL), a non-banking financial institution (NBFI), organised the workshop on "ADR (Alternative Dispute Resolution) and International Commercial Arbitration" at its headquarters in the city Thursday. During the inaugural session of the workshop, Mr Haque said they have been working with some senior officials of National Board of Revenue (NBR) in recent times for facilitating resolution of disputes in customs-related cases. "For applying the arbitration law in the light of legal procedure it needs experience and proper knowledge in that area but in most of the cases we failed to gain benefit for not having such knowledge," he said. He also urged the institutions concerned to work in the area before making any agreement with donors or overseas investors. The IDCOL chief executive officer emphasised the necessity of developing skilled and knowledge-based negotiators as the local businessmen and entrepreneurs need to be stronger in contract negotiation. "If we can create a team of well-trained negotiators in each institution, it will definitely lead to have a good contract negotiation by removing all the shortcomings in the existing act." Among others, Consultant Attorney, Pillsbury Winthrop Shaw and Pittman of the USA Ms Irene Dallas and Director, Legal Affairs and Company Secretary of IDCOL SM Formanul Islam also spoke at the function.