The Committee for Updation and Development of Law on Arbitration on Friday examined various legal aspects pragmatically keeping in view the prevailing state of affairs of international investments.
The first meeting of the Committee for Updation and Development of Laws on Arbitration was held at the Federal Judicial Academy, under the chairmanship of Syed Sharifuddin Pirzada, Adviser to the Prime Minister.
Among others attending the meeting was Justice Mohammad Nawaz Abbasi, Principal Secretary for Law, Justice and Human Rights, who maintained that the parties to contracts/agreements should be bound by the local law in case of investment disputes.
The committee has emphasised the application of municipal and domestic laws instead of international law in case of conflict of laws, as pointed out by the Attorney General for Pakistan.
Seconding the proposal to apply the local law, it has also supported to devise a system to avoid arbitration through International Center for Settlement of Investment Disputes.
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