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New law in the offing for effective resolution of trade disputes.

ISLAMABAD -- The Trade Dispute Resolution Organization (TDRO) Wednesday gave a detailed presentation on the draft law of Trade Dispute Settlement Act which envisaged formation of a Trade Dispute Resolution Commission (TDRC) that would work under the administrative control of Ministry of Commerce.

With same powers as vested in a Civil Court for swift and effective resolution of disputes relating to the export and import of goods and services including import and export through e-commerce, an ICCI statement said.

Speaking at the occasion, Executive Director General of TDRO, Sajjad Hussain said the purpose of drafting a law on trade dispute settlement was to provide for the establishment of a comprehensive regime in Pakistan for the swift and effective resolution of trade disputes.

He said making such law was of paramount importance for better promotion of trade in Pakistan, protection of all trading interests and improvement of Pakistan's standing internationally.

He said the law would help in efficient and effective resolution of international trade disputes through negotiations, mediation, arbitration, determinations, alternative dispute resolution mechanisms and referral of disputes to commercial benches that would be set up under the proposed commission.

He said foreign parties would be given video conferencing facility to participate in trade dispute process.

He said efforts were being made to make arrangements for acceptance of TDRC decisions in foreign countries, however, non-compliant foreign companies would be blacklisted in Pakistan.

He said TDRC would also help chambers of commerce in their capacity building and trainings regarding mediation/arbitration of trade disputes.

He asked the business community to give their proposals for further improving the draft law.

Director General Kausar Ali Zaidi, directors, Laiq Daraz Khan and Irshad Ahmed and Mazhar Bangash, consultant TDRO were also present on the occasion.

President of Islamabad Chamber of Commerce and Industry, Sheikh Amir Waheed appreciated the initiative of the government for drafting a new law for resolution of trade disputes.

He stressed that the trade dispute resolution law should be comprehensive and flexible encompassing full range of dispute resolution methods, cooperation and assistance from the relevant government bodies as well as consistent with internationally accepted standards.

He said the law should be equipped with enforcement powers and a streamlined procedure to carry out the purposes of the law.

He emphasized that the input given by the business community should be incorporated while finalizing the trade dispute resolution law.

He hoped that the proposed law would help in further promoting business and investment activities in Pakistan leading to better growth of economy.

Senior Vice President Mohammad Naveed, Vice President Islamabad Chamber of Commerce and Industry Nisar Mirza and many others also gave useful suggestions for bringing further improvement in the draft law.

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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Geographic Code:9PAKI
Date:Jan 18, 2018
Words:505
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