Panel finalises Arbitration Bill draft
Parliament of Pakistan. PHOTO: File
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Pakistan’s arbitration framework with international standards, the chief justice established the ALRC to revamp the outdated Arbitration Act of 1940, because of various complexities and associated issues.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.
Read Committee finalises Arbitration Bill draft
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.
The federal cabinet had given its approval in principle to the bill’s contents. The Centre would initiate consultations with the provinces so that the law could be enacted as an act of parliament, the press released.
“This landmark reform is expected to significantly enhance the legal framework for arbitration in Pakistan, fostering a more favourable environment for both foreign and domestic investment,” the press released continued.
“By aligning with international best practices, the proposed Arbitration Bill, 2024, aims to boost investor confidence, reduce the likelihood of protracted legal battles, and support economic growth through efficient and reliable dispute resolution,” it concluded.