New law in offing for effective resolution of trade disputes


Islamabad : Executive Director General Trade Dispute Resolution Commission (TDRC) Sajjad Hussain said that the purpose of drafting a law on trade dispute settlement was to provide for the establishment of a comprehensive regime in Pakistan for the swift and effective resolution of trade disputes.
The Trade Dispute Resolution Organization (TDRO) gave a detailed presentation on the draft law of Trade Dispute Settlement Act which envisaged formation of a Trade Dispute Resolution Commission (TDRC) that would work under the administrative control of Ministry of Commerce with same powers as vested in a Civil Court for swift and effective resolution of disputes relating to the export and import of goods and services including import and export through e-commerce.
Speaking at the occasion, Sajjad Hussain that said making such law was of paramount importance for better promotion of trade in Pakistan, protection of all trading interests and improvement of Pakistan’s standing internationally.
He said the law would help in efficient and effective resolution of international trade disputes through negotiations, mediation, arbitration, determinations, alternative dispute resolution mechanisms and referral of disputes to Commercial Benches that would be set up under the proposed Commission.
He said foreign parties would be given video conferencing facility to participate in trade dispute process. He said efforts were being made to make arrangements for acceptance of TDRC decisions in foreign countries, however, non-compliant foreign companies would be blacklisted in Pakistan.
He said TDRC would also help chambers of commerce in their capacity building and trainings regarding mediation/arbitration of trade disputes. He asked the business community to give their proposals for further improving the draft law.
Kausar Ali Zaidi, Director General, LaiqDaraz Khan &Irshad Ahmed, Directors and Mazhar Bangash, Consultant TDRO was also present at the occasion.


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