Experts highlight importance of mediation as a tool for resolving trade disputes

0

Nepal and Bangladesh both have robust growth rates and as the volume of trade in the two countries increases, trade disputes are likely to increase.

Bangladesh International Arbitration Center (BIAC), the country’s first and only registered Alternative Dispute Resolution (ADR) institution dedicated to institutional ADR facilitation hosted its 17th webinar from a virtual platform on 4 December on ” Commercial Dispute Resolution Through Mediation ”, jointly with the Nepal International ADR Center (NIAC), an institution committed to an accessible and credible dispute resolution service through arbitration and mediation based in Kathmandu, in Nepal.

The webinar focused on how mediation can help effectively resolve trade disputes, according to a press release.

Experts attending the webinar highlighted the benefits and importance of mediation over court proceedings as a means of resolving disputes, especially in the wake of the spread of the Covid-19 pandemic around the world, which has created an unprecedented challenge in our economic life.

In his welcoming speech, BIAC Director General Muhammad A (Rumee) Ali welcomed the recent decision of the United Nations General Assembly to move Nepal and Bangladesh to developing countries.

He said that Nepal and Bangladesh have robust growth rates and that with increasing trade volume in the two countries, trade disputes are likely to increase.

Therefore, Ali favored an institutional framework, laws and guidelines to improve the scope of the resolution of trade disputes.

He said BIAC was working for the Dispute Resolution Department, academic and collaborative work with different institutions across the world and NIAC would help BIAC achieve its goal of providing the best dispute resolution tools to adversaries, Ali hoped.

Nepal International ADR Center (NIAC) President Dr Mukti Rijal said in his closing remarks that Bangladesh and Nepal have many similarities, including several aspects of our legal system and ADR practices. .

He hopes that the collaboration between NIAC and BIAC will promote bilateral relations, including the sharing of experiences in dispute settlement.

At the end of the session, the Chairman of the BIAC Board, Mahbubur Rahman, thanked all the panelists from Nepal and Bangladesh for this joint session of BIAC and NIAC and wished the friendly relations between Nepal and Bangladesh over the decades will strengthen itself further in the days to come. in particular in the area of ​​trade and commerce which will ultimately help boost our economies.

Taking part in the debate, Judge Shreekanta Paudel, judge of the High Court of Nepal said that commercial mediation has been inserted in various laws of Nepal.

Banking and business disputes present many challenges, which stakeholders must join hands in overcoming these issues, he said.

Attorney Farzana Ahmed, Attorney at the Supreme Court of Bangladesh and Senior Vice President and Head of Legal Affairs Division, Dhaka Bank Ltd viewed the matter from a banker’s perspective and argued that mediation in this hard times can help resolve trade disputes in the most pragmatic and expeditious manner in a cost effective and cost effective manner and therefore should be favored as a dispute resolution tool before resorting to lengthy legal proceedings.

Dr Kumar Sharma Acharya, senior lawyer and mediation expert in Nepal, said in his deliberations that emerging economies like Nepal must embrace the growing sentiment of global companies that prefer amicable and practical mediation methods and are made binding by the ratification of the Singapore Convention on Mediation.

Attorney Khandoker MS Kawsar, Attorney, Supreme Court of Bangladesh and Regional Representative of the South Asian Section, ICC Young Arbitrators Forum, took part in the discussion and explained the extent of trade disputes, the strengths and weaknesses of the Bangladesh legal and regulatory principles to resolve these disputes. He also underlined the scope of mediation to resolve them.

MA Akmall Hossain Azad, Director of BIAC also participated in the webinar.

The program was broadcast live on BIAC’s Facebook page and LinkedIn profile.

Share.

About Author

Comments are closed.