Recently Bangladesh International Arbitration Centre (BIAC) and Indian Institute of Corporate Affairs (IICA) jointly organized a dialogue on International, Cross Culture, Civil and Commercial Mediation & Negotiation at the Board Room of IICA Campus in Delhi.
Mr. Gyaneshwar Kumar Singh, Director General and Chief Executive Officer (DG & CEO) of Indian Institute of Corporate Affairs (IICA) delivered the welcome note, while Mr. Mahbubur Rahman, Chairman BIAC delivered a keynote on Role of BIAC in promotion of Mediation in Commercial Disputes. Mr. Muhammad A. (Rumee) Ali, Chief Executive Officer BIAC, also delivered a keynote on Scope of Mediation in Commercial Disputes in Bangladesh.
Mr. Singh welcomed the BIAC delegates and drew attention to the legislative infrastructure in India for Alternative Dispute Resolution (ADR) in Commercial Disputes. Introduction of mediation and conciliation panel in the Companies Act 2013 through Section 442 along with the implementing rules have opened new avenues for mediation in commercial disputes in India. The composite ranking of economies in terms of ease of doing business provided by the Doing Business Index Report of the World Bank affects the level of Foreign Direct Investment (FDI) in the economy. India ranked 130 in the Index in 2017 and has since been more focused in improving the country’s rank in the Resolving Insolvency and Enforcing Contracts indicators. As of 2018, India ranks 100 in the Index.
Mr. Mahbubur Rahman expressed his gratitude to IICA and believes that BIAC and IICA will continue to maintain mutual liaison and help progress the ADR scenario in both Bangladesh and India. Mr. Muhammad A. (Rumee) Ali appreciated that, with the commitment of the government and the judiciary, India’s vision of becoming an International ADR Hub will be realised in the years to come. The initiatives taken by the Indian government and can become advocacy points for us to mainstream commercial mediation.
At the event, BIAC signed a Memorandum of Understanding (MoU) with the Bombay Chamber of Commerce & Industry (BCCI) to establish a basis for cooperation and explore areas of further collaboration to mobilise the use of ADR in India and Bangladesh. Mr. Sumit Banerjee, Head of Centre for Mediation and Conciliation of the BCCI and Mr Muhammad A. (Rumee) Ali, CEO BIAC, signed the MoU on behalf of their respective organisations.
A total number of 31 bangladeshi delegates from different sectors including Government Ministries and Organizations, Central Bank, Commercial Banks and Insurances and members of legal profession along with Senior officials of IICA and BIAC were present in the event.
