In a momentous occasion for international dispute resolution, the Bangladesh International Arbitration Centre (BIAC) and the Sri Lanka National Arbitration Centre (SLNAC) have strengthened their collaboration through the signing of a Memorandum of Understanding (MoU).
This collaborative endeavour holds the promise of enhancing trade and investment relations between Bangladesh and Sri Lanka by facilitating the exchange of vital information and organizing joint activities to raise awareness of Alternative Dispute Resolution (ADR) among businesses. Moreover, it includes the utilization of each others' infrastructure facilities to conduct arbitrations, mediations, and conciliation proceedings, thereby optimizing resources and enhancing efficiency in resolving disputes.
Expressing his gratitude, Hiran de Alwis, Chairman of Sri Lanka National Arbitration Centre, commended BIAC for its proactive approach in initiating the MoU and helping both countries to work together for the promotion of ADR mechanisms as a means for peaceful settlement of international trade and investment disputes.
The presence of Mr. Mahbubur Rahman, Chairman of BIAC and President of the International Chamber of Commerce – Bangladesh underscored the importance of the occasion. He along with the Vice Chairman of BIAC detailed the existing scenario of ADR and BIAC's pivotal role in establishing best practices in institutional arbitration within Bangladesh and across South Asia.
Established in 1985, the Sri Lanka National Arbitration Centre stands as a pioneering institution in administering arbitrations for the resolution of commercial disputes in the country. Among the dignitaries from SLNAC present at the signing ceremony were Priyantha Gamage, Board Member and Johann Atapattu, Coordinator of SLNAC, along with Srimali Jayarathna, Counsellor (Commercial) at the High Commission of Sri Lanka, Bangladesh.
Representing BIAC were Priyanka Roy, Senior Counsel, and Moyee Mina Haque, Assistant Counsel, The signing of this MoU marks the beginning of a new chapter in the bilateral relations between Bangladesh and Sri Lanka, underlining the shared commitment towards promoting peace and prosperity through effective dispute resolution mechanisms.
-tbsnews.net