Foreign investment, int'l trade sector: PCJCCI for foolproof mechanism of commercial arbitration

LAHORE: S M Naveed, President Pakistan-China Joint Chamber Of Commerce and Industry (PCJCCI) urged to organize a foolproof mechanism of commercial arbitration for sustainable development in the foreign investment and international trade sector.

He stated this while addressing a webinar on Thursday co-sponsored by PCJCCI in collaboration with the University of Oxford (China, Law & Development), Faisalabad Industrial Estate Development & Management Company, Ease of Doing Business in Pakistan, and Center for International Investment and Commercial Arbitration here on Wednesday.

The panel of speakers, included judges and lawyers from Pakistan, the UK, Singapore, and China, will share insights with the launch and evolution of these new courts in the context of both dynamic domestic and global legal transformations.

The keynote speakers for the webinar were Justice Jawad Hassan, Commercial Judge, Lahore High Court Pakistan, Dr Michael Hwang, Former Chief Justice of the Dubai International Financial Centre (DIFC) Courts, SUN Xiangzhuang, Judge of the PRC Supreme Court and the China International Commercial Court, YANG Enqian, Deputy Chief Judge of the Suzhou International Commercial Court (China), Nudra B. Majeed, Barrister and Head of Chambers, NBM Law Chambers, Pakistan, Sir Rupert Jackson, PC, Former Justice of the Court of Appeal of England and Wales and Justice of the Astana International Financial Centre Court, Justice Mushir Alam, Senior Puisne Judge, Supreme Court of Pakistan, Professor Matthew Erie, University of Oxford (moderator).

S M Naveed said that in recent years, a number of states and municipalities have established new commercial courts which are perceived by some to be the building blocks of economic development and global commerce. We are keen to develop such commercial courts in Pakistan which includes those that are designed primarily for domestic disputes and others geared toward international disputes. The new international courts share a common aspiration: to provide forums for the resolution of commercial conflicts that are cheap, quick, and whose judgments are enforceable. He added that, together courts can make a stronger contribution to the rule of law than they can separately, and through that contribute to stability and prosperity worldwide.

Justice Jawad Hassan, Commercial Judge, Lahore High Court Pakistan said that Pakistan has recently established commercial courts at the district level. The new commercial courts dovetail with a number of macro-economic and geostrategic trends, including the rise of Asia, and China in particular, as a supplier of both outbound capital and dispute resolution, and the increasing diversification of forums across the world. He added that the basic principles of commercial law are financial, business, corporate, competition, consumer protection, contract, construction, environmental, intellectual property, insolvency, property, International Trade, commodities, energy, maritime, aviation, technology, investment, and oversight of arbitration.

YANG Enqian, Deputy Chief Judge of the Suzhou International Commercial Court, China shared his views by saying that, International collaboration and cooperation is to be welcomed for a number of reasons - commerce itself is international in nature, court users will welcome it, countries will benefit from it, many commercial courts need solutions to some of the same problems in this area, including cost and delay and all commercial courts face the challenge of adapting to the pace and nature of business change.

Nudra B Majeed, Barrister and Head of Chambers, NBM Law Chambers, Pakistan said that, we should intricate a chain of international commercial courts by appointing judges, lawyers from each and every country, the versatile range of opinions and suggestions will open up new vistas of knowledge and solution to problems.

Salahuddin Hanif, Secretary General PCJCCI said that the challenges facing commercial courts are similar to those facing all courts. They include cost and resource pressures, maintaining standards, managing complexity, adapting to the pace and nature of business and technological change, and how best to provide access to litigants who cannot afford representation this webinar is conducted to provide an in-depth discussion of the new domestic and international commercial courts with a focus on topics including jurisdiction and legislative basis, regulatory framework, relationship to the domestic court system, staffing and personnel issues, the courts-arbitration nexus, and cross-border disputes and associated enforcement issues. This webinar aims to provide an in-depth discussion of the new domestic and international commercial courts with a focus on topics including jurisdiction and legislative basis, regulatory framework, relationship to the domestic court system, staffing and personnel issues, the courts-arbitration nexus, and cross-border disputes and associated enforcement issues. The panel of speakers, including judges and lawyers from Pakistan, the UK, Singapore, and China, will share insights with the launch and evolution of these new courts in the context of both dynamic domestic and global legal transformations.

Copyright Business Recorder, 2021