– Pakistan‘s National Assembly Standing Committee on Commerce unanimously approved a pair of bills on Wednesday to promote the country’s business and commercial sectors, Pakistan’s Ministry of Commerce said.
During the passage of the Commercial Dispute Resolution Bill 2022 and the Commercial Organization (Amendment) Bill 2022, the meeting was informed that “due to the absence of an adequate commercial dispute resolution system, the Pakistan’s ranking in the World Bank’s Ease of Doing Business Index was being negatively affected,” the ministry said in a statement.
It was reported at the meeting that the country’s foreign trade is expanding due to the liberalization of international trade under the World Trade Organization, and it is also resulting in an increase in the number of disputes, the ministry said.
If the issue is not resolved efficiently, it may damage Pakistan’s economy and image, he added.
Commerce Secretary Sualeh Ahmad Faruqui said there is currently no law in Pakistan under which Pakistani exporters can settle their disputes with foreign importers.
Under the existing Import and Export Control Act of 1950, only foreign importers can settle their disputes with their Pakistani exporters, it added.
It said that the arbitral award obtained in Pakistan would be enforceable in any member country that has ratified the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, according to the statement. ■