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.