BIAC, IICA to help boost ADR activities in BD, India

FE Desk | Published: April 05, 2018 22:37:37

Bangladesh International Arbitration Centre (BIAC) and the Indian Institute of Corporate Affairs (IICA) will continue to maintain mutual liaison and help progress the ADR activities in both Bangladesh and India.
The optimism was shown at a recent dialogue on 'International, Cross Culture, Civil and Commercial Mediation & Negotiation' at IICA campus in New Delhi.
BIAC and IICA jointly organised the dialogue in the Indian capital, according to a statement issued by BIAC.
Gyaneshwar Kumar Singh, Director General and Chief Executive Officer (DG & CEO) of Indian Institute of Corporate Affairs (IICA), delivered the welcome note, while Mahbubur Rahman, Chairman of BIAC, presented the keynote paper on 'Role of BIAC in promotion of mediation in commercial disputes'.
Muhammad A (Rumee) Ali, Chief Executive Officer of BIAC, also presented another keynote paper on 'Scope of mediation in commercial disputes in Bangladesh'.
Mr. Singh welcomed the BIAC delegates and highlighted the legislative infrastructure in India for Alternative Dispute Resolution (ADR) in commercial disputes.
He said introduction of mediation and conciliation panel in the Companies Act 2013 through Section 442 along with the implementing rules have opened new avenues for mediation in commercial disputes in India.
"The composite ranking of economies in terms of ease of doing business provided by the Doing Business Index Report of the World Bank affects the level of Foreign Direct Investment (FDI) in the economy," Mr. Singh mentioned.
India ranked 130 in the Index in 2017 and has since been more focused in improving the country's rank in the resolving insolvency and enforcing contracts indicators. As of 2018, India ranks 100 in the Index.
Muhammad A. (Rumee) Ali hoped that with the commitment of the government and the judiciary, India's vision of becoming an international ADR hub will be realised in the years to come.
"The initiatives taken by the Indian government can be advocacy points for us to mainstream commercial mediation," he added.
At the event, BIAC signed a Memorandum of Understanding (MoU) with the Bombay Chamber of Commerce & Industry (BCCI) to explore areas of further collaboration to mobilise the use of ADR in India and Bangladesh.
Sumit Banerjee, Head of Centre for Mediation and Conciliation of the BCCI, and Muhammad A. (Rumee) Ali, CEO of BIAC, signed the MoU on behalf of their respective organisations.
A total of 31 Bangladeshi delegates from different sectors, including government ministries and organisations, Bangladesh Bank, commercial banks and insurance companies and members of legal profession along with senior officials of IICA and BIAC were present in the event.