ISLAMABAD:
According to a statement released by the Supreme Court on Tuesday, the Arbitration Law Review Committee (ALRC), which was established by Chief Justice of Pakistan Qazi Faez Isa, finished the draft of the Arbitration Bill 2024. This is a crucial step toward modernizing Pakistan’s arbitration landscape.
The chief justice of Pakistan established the ALRC to update the dated Arbitration Act of 1940 in response to a variety of complexities and related issues. This was a significant step toward aligning Pakistan’s arbitration framework with international standards.
The ALRC, led by Supreme Court Justice Syed Mansoor Ali Shah, included prominent academics and arbitrators, as well as representatives from the law ministry, the Board of Investment (BoI), and the Law and Justice Commission of Pakistan (LJCP).
Read Committee approves draft of Arbitration Bill The ALRC approved the proposed Arbitration Bill after extensive discussion. The release stated that the goal of this bill is to “simplify procedures, reduce court intervention, and improve enforcement mechanisms, thereby reducing ambiguities and promoting alternative dispute resolution mechanisms.”
The contents of the bill had received general approval from the federal cabinet. According to the press release, the Centre would begin consultations with the provinces so that the law could be enacted as an act of parliament.
The press release went on to say that “this landmark reform is expected to significantly enhance the legal framework for arbitration in Pakistan, fostering a more favourable environment for both domestic and foreign investment.”
“By lining up with global accepted procedures, the proposed Discretion Bill, 2024, plans to help financial backer certainty, diminish the probability of extended fights in court, and backing monetary development through proficient and dependable question goal,” it finished up.
