Pak-China to experiment on Commercial Dispute Resolution Mechanism

September 18, 2018 (MLN):  Law Minister Dr. Farogh Naseem, on Monday, suggested to the Chinese Ambassador Mr. Yao Jing that China and Pakistan should not take any commercial disputes to the international forum, rather settle them through an internally developed mechanism.

He was of the view that the disputes between Chinese and Pakistani businessmen, whether pertaining to CPEC or otherwise, should be settled amicably and only in matters where an amicable consensus is not reached that a special dispute resolution mechanism should be agreed between the two countries.

The Minister said that the dispute resolution mechanism between China and Pakistan should take the form of an Arbitral Tribunal which should have two Judges, Arbitrators, Consultants or Conciliators, one from China and one from Pakistan.

The Law Minister further suggested that in all commercial disputes the award should be either in Pak Rupees or the Chinese Yuan or a common currency may be devised.

The Law Minister further stressed that Pakistan has every capacity to train Chinese lawyers and businessmen in international legal and commercial documentation, which will help the Chinese in contesting their cases abroad.

Dr. Farogh Naseem also suggested that if the Pak-China experimentation of a dispute settlement mechanism becomes a success, then this forum could also serve the entire region, which could include Central Asia, Turkey, Iran, Iraq, Afghanistan, Sri Lanka etc.

Mr. Yao Jing, Ambassador of China to Pakistan, who had called on the Law Minister at his office on Monday, appreciated the suggestions of the Law Minister and reiterated his Government’s desire to work closely with the new Government.

Both the sides also agreed to enhance the collaboration between the two countries at people to people level, which includes interaction between the educational institutes, academia and young generation.

Yao Jing also said that China values its relations with Pakistan and wants to work with the country for the development of the entire region.

Copyright Mettis Link News

Posted on: 2018-09-18T13:33:00+05:00

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