ISLAMABAD: The SAARC Chamber of Commerce and Industry (CCI) on Monday unanimously agreed to resolve all trade disputes at the SAARC Arbitration Council instead of the International Court of Arbitration (ICA).
Addressing the concluding session of SAARC moot on “Arbitration”, SAARC Arbitration Council Director General Thusantha Wikemanna stressed the need for settling all trade related disputes among the private sectors of member countries amicably through arbitration.
He said that seeking remedy of disputes at ICA was cumbersome and expensive while resolution of disputes cropped up between two private or public sectors at the local arbitration council would be speedy and economical.
It was agreed in principal by delegates of member countries to settle their trade related disputes at regional level instead of international court and it was further agreed that participants would approach their respective governments for enactment of necessary legislation in this regard with a provision of first approaching the regional arbitration council.
Thusantha Wijenanna said that different member countries had now established their joint ventures in various sectors. The visiting delegates discussed the ways and means at length on how the “Arbitration Council of SAACR CCI” could contributes significantly to promote trade among member countries by resolving their disputes timely. The delegation thanked Vice President SAARC CCI Pak chapter Chief Iftikhar Ali Malik for offering permanent office to the arbitration director general at the SAARC Headquarters in Islamababad.
Pakistan hosted the moot mainly to resolve trade related disputes amicably among member countries. SAARC CCI Secretary General Muhammad Iqbal Tabish, on the occasion, said that all proposals put forth by the participants would be given due weightage during the general assembly session of the SAARC chamber. The SAARC delegation, comprising 16 members, also termed Pakistani fabrics products as the best in the region.
SAARC Secretariat Economic, Trade and Finance Division Director L Savithri along with other members of the delegates drawn from India, Bangladesh, Nepal, Bhutan, Sri Lanka and Afghanistan, after the concluding session, visited various business centres including Anarkali Bazar, Fortress, Liberty and The Mall for shopping. She said the collection of Lala fabrics was the best and most economical compared to all other countries of the South Asian region. She said that she had visited several South Asian countries but the Pakistani cotton products were much superior than others.
Thusantha Wijemanna, hailing from Sri Lanka, said he had purchased few fabric suits that were the best and inexpensive. The other delegates also appreciated the quality of Pakistani products.
SAARC Chief Co-ordinator and Federation of Pakistan Chamber of Commerce and Industry (FPCCI) former president Zubair Ahmad Malik accompanied the delegates, and said that the participants left the country with a hope of further promotion of trade among the member countries, as the private sector hold the key to economic prosperity and development. Later, Iftikhar Ali Malik hosted a dinner for delegates at his residence and presented souvenirs.
