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Singapore Convention on Mediation to help attract FDI: Experts

Published : Tuesday, 23 February, 2021 at 12:00 AM  Count : 130
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Singapore Convention on Mediation to help attract FDI: Experts

Singapore Convention on Mediation to help attract FDI: Experts

Signing of the Singapore Convention on Mediation (SCM) by the Bangladesh government will help the South Asian country attract Foreign  Direct Investment (FDI) ,  as  foreign  investors  often  prefer  more  amicable methods  of  commercial  dispute  resolution,  such as mediation.
This was agreed by the experts participating at the 11th webinar of the Bangladesh International Arbitration Centre (BIAC) jointly organised with its partner organisation -- the  London  College  of  Legal  Studies  (South),  the  Affiliate  Centre of  the University of London, on Monday.
The webinar titled: ''Why Bangladesh should sign the Singapore Convention on Mediation?" was presided over by  BIAC Chairman Mahbubur Rahman, who is also the President of International Chamber of Commerce-Bangladesh and participated by former  Adviser  to  a Bangladesh Caretaker  Government  Abdul Muyeed Chowdhury, BIAC CEO Muhammad A. (Rumee) Ali and London  College  of  Legal  Studies  South (LCLS South)  Principal Abdul  Hamid  Chowdhury.
Moderated by Bangladesh Supreme Court Lawyer Barrister and LCLS  (South)  Laws Head Dr. Khaled Hamid Chowdhury, the webinar was also spoken by Bangladesh Ministry of Foreign Affairs Multilateral Economic Affairs Director General Md. Nazrul Islam, London ADR  ODR  International Founder  and  Chief  Executive Barrister  Rahim  Shamji, ASAAN Dhaka Pricipal Consultant Shireen  Scheik  Mainuddin,  Singapore LLC Chamber Mediator Panellist Anil   Changaroth and Bangladesh Human Rights Expert Dr.Rana Md. Parvez Sattar.
The SCM, formally the UN Convention on International Settlement Agreements Resulting  from  Mediation was  adopted on December 20, 2018 and is an international agreement regarding the recognition of mediated settlements. The Convention has so far been signed by 53 states.
The speakers said the  ongoing  global  catastrophe caused by COVID-19 pandemic had given rise to the exigency of signing the Convention by our Government on a priority basis.
Moreover, the SCM is purported to  support  international  trade  and  it  encourages the  use  of mediation  when  dealing  with  the resolution of cross border commercial disputes, the expert Panel of Discussants opined.
Speaking  as  a  Panellist Abdul Muyeed Chowdhury explained the power of mediation and strongly recommended signing of the SCM  by  the  Government  of  Bangladesh,  in  line  with  the  New York  Convention  1958  regarding  Enforcement  of  Foreign  Arbitral Awards to  which  Bangladesh is a signatory.
"Had we been a signatory to the Singapore Convention on Mediation already, our RMG sector could be benefitted through mediation process during the ongoing COVID-19 crisis," Chowdhury opined.
He hoped that this webinar will facilitate decision making process for signing the SCM and lead Bangladesh to be a part of the global dispute resolution system.
In his closing remarks Mahbubur Rahman said that often arbitration is preferred over mediation  to  resolve  international  commercial  disputes  because  of  the  expedited  enforcement mechanism available   under   the   New   York   Convention   1958.   
Ratifying   The   SCM  would  mean  that it  would  give  teeth  to  Mediation  in  Bangladesh, Rahman opined.  He  hoped  that through  this  webinar  we  can  collectively  explore on  the needs for  the  SCM, its  significance,  legal  issues  surrounding  mediated  settlements, thecurrent  issues  of debates  pertaining  to  the  adoption  of  the  Convention  and  the  changes  in domestic legislationthat would be necessary for the Convention to function efficiently.
The webinar was live streamed on Facebook pages and LinkedIn profiles of BIAC and LCLS (South). The daily Bonik Barta was the media partner of the event.



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