The Arbitration Act will solve the problems and increase investment, said Finance Minister Muhammad Aurangzeb
Establishing an international arbitration institution in Islamabad is the need of the hour, Justice Mansoor Ali Shah
People’s minds should also be changed that they should not go to court for every case, he said at the seminar
Islamabad ( Web News)
Federal Finance Minister Muhammad Aurangzeb says that due to the lack of arbitration laws in Pakistan, international investment companies used to sue Pakistan in international courts, but after the Arbitration Act 2024, these cases are now They will be able to be solved in the country. While addressing a seminar at the Federal Judicial Academy on the restructuring of arbitration laws in Pakistan, Muhammad Aurangzeb said that as a result of the Arbitration Act and the resolution of the problems, investment will increase in Pakistan. Muhammad Aurangzeb said that I suggest that cases with a certain amount of volume will be heard directly in the Supreme Court. He said that he has told the Attorney General that we are present wherever he needs us. Address on this occasion While doing this, Justice Mansoor Ali Shah said that the Prophet (peace and blessings of Allah be upon him) said that mediation between people is better than fasting and worship. I have come for commission. He further said that former Chief Justice Umar Atta Bandial approved the formation of a committee for drafting the Arbitration Act, while Chief Justice Qazi Faiz Isa also encouraged this process. 4 thousand cases are filed in the High Courts every month. Justice Mansoor Ali Shah said that Mian Samiuddin, Faisal Naqvi have done excellent work under the supervision of Senior Advocate Makhdoom Ali Khan. He added. He said that the draft law was sent to more than 100 partners and international arbitral institutions for their opinion and online discussion was also held. Opinions were sought. Justice Mansoor Ali Shah said that the establishment of an international arbitration institution in Islamabad is the need of the hour because the courts cannot decide 24 lakh cases. He said that people’s minds will also have to be changed. That not to go to court for every case. He further said that along with this, there is a need to create ADR centers in 138 districts. Justice Mansoor Ali said that commercial cases are given priority all over the world. He further said that if arbitration laws are applied in commercial cases, the burden on the courts will be reduced. He said that there is a need to create a separate system for hearing commercial laws in the High Court and the Supreme Court. Attorney General Mansoor from the seminar. Usman Awan while speaking said that economic development is not possible in today’s era unless we provide a safe environment for businesses. Work to make the law as soon as possible. He said that the citizens are fed up with the length of the cases and they will say that this law can become a model. Senior lawyer Makhdoom Ali Khan said in his address that A lot of work has been done on arbitration laws around the world and now those countries are 20, 30 years ahead of us. Makhdoom Ali Khan said that Pakistan first recognized the arbitration laws under the New York Treaty in 1958, but on this He said that in today’s era, international trade and investment is not possible without the best arbitration laws. He said that in Pakistan the government files the most cases and appeals and when the government appeals. The government, which was instructed not to file, filed an appeal.