According to news reports in Bangladesh, a major development for the promotion of international dispute resolution services and cross border professional trade services was recorded through the collaboration, on the basis of an MOU, between the Sri Lanka National Arbitration Centre (SLNAC) and the Bangladesh International Arbitration Centre (BIAC), a press release said.
The release added: ‘This understanding will potentially lead to enhancing trade and investment relations between Bangladesh and Sri Lanka by facilitating the exchange of vital information and organization awareness of alternate dispute resolution amongst the business community.
‘Amongst the other activities planned includes the utilisation with other infrastructure facilities to conduct arbitration conciliatory proceedings, mediation and thereby optimizing resources and enhancing efficiency.
‘The presence of the chairman of the Board of Governors, Sri Lanka National Arbitration Centre Hiran de Alwis and the chairman of the Bangladesh International Arbitration Centre and president of the ICC Bangladesh Mahbubur Rahman underscores the importance of the possibilities. Mr Rahman detailed the existing scenario in Bangladesh and the long standing business ties in Sri Lanka and potential between the two countries to establish best practices within the region. He said that as a fast growing economy in South Asia new avenues for developing trade and investment should be promoted. He looked forward to visiting Colombo and meeting business and government leaders
‘The signing of the MOU would be a great impetus for new potential in bilateral relations between the two countries, underlining the promotion of international trade and services and through effective dispute resolution mechanisms.
‘Hiran de Alwis, the chairman of the Board of Governors, SLNAC, commended BIAC for its proactive role in promoting a Memorandum of Understanding and thereby promoting both countries and its peoples to work jointly for a more efficient and internationally recognized means for settlement of international trade and investment disputes under due process of law. He stated that Sri Lanka was the first to open the economy in 1977 in South Asia. He referred to the long established legal regimes in Sri Lanka and international treaties signed. He said this is the time for the South Asian economies to seize the moment and enhance trade and investment ties so that the business communities, professional services and the peoples of the region can enjoy the fruits of economic growth.
‘The Sri Lanka National Arbitration Centre established in 1985 is the prime institution in administering arbitration for the resolution of commercial disputes in the Country. Seedantha Kulathilake, Chief Executive of SLNAC, Muhammad (Rumee Ali), vice chairman of BIAC, signed the MOU on behalf of their respective organizations at the BIAC office in Dhaka, Bangladesh.
‘The respective chairmen and signatories were joined by Priyantha Gamage, Board Member and Johann Atapattu, Coordinator, SLNAC together with Priyanka Roy, Senior Counsel and Ms. Moyee Mina Haque on behalf of BIAC.’
-island.lk