The Arbitration Law Review Committee (ALRC), established by Chief Justice of Pakistan Qazi Faez Isa, finalised a draft Arbitration Bill-2024, a crucial step towards modernising Pakistan’s arbitration landscape, a statement issued by the Supreme Court said on Tuesday.
In a significant move to align Pakistan’s arbitration framework with international standards, the chief justice established the ALRC to revamp the outdated Arbitration Act of 1940, because of various complexities and associated issues.
Headed by Supreme Court Justice Syed Mansoor Ali Shah, the ALRC included representatives from the law ministry, Board of Investment (BoI), the Law and Justice Commission of Pakistan (LJCP), and distinguished academic and experts in arbitration.
The ALRC finalised the proposed Arbitration Bill after thorough deliberations. “This bill aims to streamline procedures, reduce court intervention, and enhance enforcement mechanisms, thereby minimizing ambiguities and promoting alternative dispute resolution mechanisms,” said the release.
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