The first arbitration centre to settle business disputes was launched in the country on Saturday.
The law minister, Shafique Ahmed, inaugurated the Bangladesh International Arbitration Centre, sponsored by the International Chamber of Commerce, the Dhaka Chamber of Commerce and Industry and the Metropolitan Chamber of Commerce and Industry with support from the International Finance Corporation, UKAid and the European Union, in a ceremony at the Bangabandhu International Conference Centre.
Shafique said that the arbitration centre would give people, especially businesspeople at home and abroad, a platform to resolving disputes.
He said that the arbitration centre would play an important role in settling disputes in a friendly manner outside the court.
'It is a timely step to settle disputes quickly. It will help to ensure a win-win situation for the parties,' he said.
The centre was set up in a high rise at Panthapath in the capital. A number of retired jurists of the Supreme Court will be appointed arbitrators.
The ICC president, Mahbubur Rahman, said, 'The Bangladesh International Arbitration Centre will offer facilities for alternative dispute resolution, particularly arbitration.… Going to court is a time-consuming and expensive way of seeking a solution.'
'We all know the problems of going moving court in dispute settlement. Time, money and the hassles of lengthy proceedings are associated with it. The business suffers a lot,' he said.
Shafique said that arbitration in the commercial sector was very important. 'Because of lengthy process of dispute resolution in court, foreign investors are not always interested in doing business here. Arbitration process should not be contradictory with the provision of law and court.'
He said, 'Arbitration sometimes becomes lengthy. There is a chance that any party aggrieved at the decision of the arbitration can again follow the road of court. This will lead to repeated appeals and it may take five to 10 years for dispute resolution. So, mediation can be more effective where both the parties will suggest the way of resolution.'
He said that in meditation process, both the parties could reach a win-win situation. 'We will amend the existing law where mediation will be made compulsory. The timeframe and the total process of dispute resolution will be clearly defined in the law so that no one can create any obstacle without any proper reason to the resolution process.'
The arbitration centre's chief executive Taufiq Ali said, 'The centre's goal is to shape a responsive and well-managed secretariat with careful oversight for performance based management.'
The prime minister's economic affairs adviser Mashiur Rahman, the DCCI president, Asif Ibrahim, MCCI vice-president Nihad Kabir and IFC representative Paramita Dasgupta also spoke.
Source: New Age
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