ISLAMABAD: The government is formulating laws for quick resolution of trade disputes to facilitate local as well as foreign trading partners.

Trade Dispute Resolution Organisation (TRDO) Executive Director General Sajjad Hussain stated this while briefing members of the Islamabad Chamber of Commerce and Industry (ICCI) about the draft Trade Dispute Settlement Act (TDSA).

He said Trade Dispute Resolution Commission (TDRC) would be established under the said act to help redress trade disputes and establish a comprehensive regime for the swift and effective resolution of such conflicts.

The TDSA would help in 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, TDRC.

The commission would arrange and facilitate the foreign parties under dispute could participate in the hearings through video conferencing facility.

Meanwhile, Mr Sajjad Hussain said that efforts were being made to make arrangements for acceptance of TDRC decisions in foreign countries. “It has been suggested that non-compliant foreign companies would be blacklisted in Pakistan,” he added.

The new body would also help chambers of commerce in their capacity building and trainings regarding mediation and arbitration of trade disputes.

The TDRC 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 the e-commerce trade.

Speaking at the occasion, Sheikh Amir Waheed, President, ICCI appreciated this initiative but added that the input given by the business community should be incorporated in the final draft of the law. He further emphasised on the need for comprehensiveness and flexibility to encompass full range of dispute resolution methods.

Published in Dawn, January 18th, 2018