Dhaka, Bangladesh (BBN)– Bangladesh’s first arbitration body — Bangladesh International Arbitration Centre (BIAC) — was launched on Saturday in Dhaka aiming at the speediest settlement of business disputes as an alternative dispute resolution (ADR).
International Chamber of Commerce, Bangladesh (ICC,B) is the lead player in implementing the county’s first-ever such ADR system and the Metropolitan Chamber of Commerce and Industry (MCCI) and Dhaka Chamber of Commerce and Industry (DCCI) are two other sponsors of the BIAC.
Law, justice and parliamentary affairs minister Barrister Shafique Ahmed inaugurated the (BIAC) while Prime Minister’s finance adviser Dr Mashiur Rahman was the special guest.
The country’s leading business persons, representatives from civil society, senior lawyers and bureaucrats were present during the inaugural function held at Bangabandhu International Conference Centre (BICC) in the capital Dhaka.
Addressing the ceremony, Barrister Shafique Ahmed said time has come to solve disputes through mediation and arbitrations.
He said the new system is now practised in advanced and developing nations adding: “97 percent disputes in Canada are resolved through mediations.”
Replying to a question Barrister Shafique said the government will amend laws to ensue quick settlement of the cases.
The chairman of the newly-formed BIAC, Mahbubur Rahman, who presided over the function said: “For the wheels of industry to move, we must have an effective mechanism for enforcement of agreements and dispute resolutions.”
Mahbubur Rahman, who is also president of ICC,B, said the countries which have long history of such arbitration centres now undertake research and analysis and the essential services are required for making the process successful.
BBN/SSR/AD-10Apr11-1:33 am (BST)
