The South Asian Association for Regional Co-operation (SAARC) Chamber of Commerce and Industry on Monday unanimously agreed to resolve all trade disputes at SAARC Arbitration Council instead of International Court of Arbitration.
Addressing the concluding session of SAARC moot on “Arbitration”, Thusantha Wikemanna, Director General, SAARC Arbitration Council, stressed the need for settling all trade-related disputes among the private sectors of member countries amicably through arbitration.
He said seeking remedy of disputes at the International Court of Arbitration was cumbersome and expensive while resolution of disputes cropped up between two private or public sectors at local arbitration council will be speedy and economical.
It was agreed in principal by delegates of member countries to settle their trade-related disputes at regional level instead of international court and it was further agreed that participants will approach their respective governments for enactment of necessary legislation in this regard with a provision of first approaching regional arbitration council.
Thusantha Wijenanna said that different member countries had now established their joint ventures in each other’s country in various sectors. The visiting delegates discussed the ways and means at length as to how the “Arbitration Council of SAACR CCI” can contribute significantly to promote trade among member countries by resolving their disputes timely.
They thanked Vice President SAARC chamber Pakistan chapter chief Iftikhar Ali Malik for offering permanent office of DG Arbitration at SAARC Chamber Headquarters Islamabad.
Pakistan hosted the moot mainly aimed at resolving trade-related disputes amicably among member countries. Secretary General, SAAC Chamber of Commerce and Industry (SCCI), Muhammad Iqbal Tabish on this occasion said that all proposals put forth by the participants will be given due weight during the general assembly session of the SAARC chamber. Vice President SAARC Chamber Pakistan chapter Iftikhar Ali Malik hosted a dinner for delegates the other night at his residence and presented them souvenirs.
