New law in the offing for resolving trade disputes
Islamabad: The Trade Dispute Resolution Organisation (TDRO) 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.
Speaking at the occasion, Sajjad Hussain, Executive Director General, TDRO said that 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. Kausar Ali Zaidi, Director General, Laiq Daraz Khan Irshad Ahmed, Directors and Mazhar Bangash, Consultant TDRO were also present on the occasion.
Speaking at the occasion, Sheikh Amir Waheed, President, Islamabad Chamber of Commerce Industry 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 emphasised 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.
Muhammad Naveed, Senior Vice President, Nisar Mirza, Vice President, Islamabad Chamber of Commerce and Industry and many others also gave useful suggestions for bringing further improvement in the draft law.