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UN trade law imperative for settlement of int’l trade dispute: Speakers

Published : Friday, 9 April, 2021 at 12:00 AM  Count : 75
Business Correspondent

UN trade law imperative for settlement of int’l trade dispute: Speakers

UN trade law imperative for settlement of int’l trade dispute: Speakers

Speakers from Bangladesh and South Korea in a webinar observed that implementation of the  International trade Law approved by the United Nations was imperative to settle global trade disputes
The were speaking at the 13th webinar held by the Bangladesh   International   Arbitration   Centre   (BIAC) on ''Regional Perspective  of  UNCITRAL  ADR  Instruments  on  Ease of Doing Business in Asia and the Pacific," on Thursday.
Organised jointly with the Incheon (South Korea) - based Regional  Centre  for  Asia  and the  Pacific  (RCAP)  of  the  United  Nations Commission  on  International  Trade  Law  (UNCITRAL), the webinar was participated by  an  eminent  panel  of  speakers  from  Bangladesh  and South Korea including Government  officials,  bankers,  academicians  and  UNCITRAL  RCAP.
The speakers suggested  that  the UNCITRAL  ADR  instruments  are  now  imperative  for doing  business  and  enhancing  access  to  justice  as  a  means  for  Bangladesh  and  Asia and  the  Pacific  region  to  promote  and  strengthen  a  legally  enabling  environment  for facilitating cross border trade.
Chairman of the BIAC Board Mahbubur Rahman, who is also President of International Chamber  of  Commerce-Bangladesh,  in  his closing remarks  said   the  UNCITRAL Model  Law  on  International  Commercial  Arbitration  is  a  unique  law  prepared  by  the UNCITRAL  and  adopted  by  the  United  Nations  which  is  designed  to  assist  States  to take   into   account   the   particular   features   and   needs   of   international   commercial arbitration.  
He  said  that both the World Bank's Global Doing  Business  Index  and  the Asia Pacific  Economic  Cooperation  (APEC)  Ease  of  Doing  Business  initiatives  are dedicated within the Asia Pacific region to assess and improve regulatory environments of the countries to make doing business cheaper, faster and easier.
Enforcing contracts including  the  adoption  and  implementation  of  UNCITRAL texts  of ADR  are  essential components in this regard, Rahman categorised.
In  his  Welcome  Address  Chief  Executive  Officer  of  BIAC  Muhammad  A.  (Rumee)  Ali said  that  hosting  a  webinar  jointly  with  the  UNCITRAL  RCAP  is  very  important  in  the context  of  international  trade,  ADR  instruments  of  UNCITRAL  including  the New  York Convention 1958 on Arbitration and  the  Singapore  Convention  on Mediation  2018  and the  accompanying   UNCITRAL   model   lawsand rules   which  offer   legislative   and contractual guidance to facilitate the resolution of commercial disputes across borders.
Head  of  UNCITRAL  RCAP Athita  Komindr also  delivered  Welcome  Address  on  behalf of  her  organisation  and  favoured using  UNCITRAL  texts  in  providing  basic  legal  framework   for   doing   business   including   enforcing   contracts.  
 She   opined   that Bangladesh  should  sign  the Singapore  Convention  on  Mediation for  easier  access  to justice.  She  urged  upon  availability  of  pragmatic  ADR  mechanism  for  reducing  judicial backlog. Barrister  Rashna  Imam,  Advocate,  Supreme  Court  of  Bangladesh  and  Managing Partner,  Akhtar  Imam  &  Associates,  Dhaka  moderated  the  webinar.
Bangladesh Law Ministry's Joint Secretary Kazi Arifuzzaman, S Korea International Dispute Settlement Division Director Changwan Han, Dhaka Trust Bank Managing  Director  and  CEO  in Charge Humaira  Azam,  S Korea UNCITRAL RCAP Legal Expert Eun Young Nam, Dhaka University Law teacher Prof Jamila A. Chowdhury, BIAC Director M  A  Akmall  Hossain  Azad  also joined the webinar
The  programme was  streamed  live on FACEBOOK  page  and  LinkedIn  profile  of  BIAC.  The  daily Bonik Barta was the media partner of the event.     
Established  by  the  UN  General Assembly  in  1966,  UNCITRAL  plays  an  important  role  in  developing  the  framework  to progressive harmonisation of the law of international trade.





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