4:34 pm - Tuesday October 18, 1763

BIAC signs MoU with SARCO

BIAC signed a Memorandum of Understanding (MoU) with SAARC Arbitration Council (SARCO) to co-operate in facilitating ADR in each others’ services at a seminar recently held at DCCI Auditorium.

“I am passionately confident that substantial practice of ADR in form of mediation, arbitration and conciliation within the business community will ensure the fairness and excellence in business leading to irresistible economic development”, said Law, Justice & Parliamentary Affairs Minister Anisul Huq as a chief guest at the seminar.

As a special guest of the event, BIAC Chairman Mahbubur Rahman said that “both BIAC and DSC_0876_editSARCO have been providing and will continue to provide confidence to foreign investors and the local business community.”

Former Attorney General and the keynote speaker of the event, Barrister Fida M. Kamal in his presentation mentioned that institutional arbitration may be considered to be the most preferred method to resolve differences and disputes as quickly as possible. “The leading chambers in Bangladesh, namely, ICC-B, DCCI & MCCI together with specialized institutions like BIAC have the requisite skills and tools to offer in this regard”, he added.

BIAC is a not-for-profit organization started operating from 2011 under a license from the government. BIAC does arbitration and mediation and published its rules in 2012 and 2014 respectively.

SAARC Arbitration Council, Islamabad (SARCO) is a body under South Asian Association for Regional co-operations and is mandated to provide a legal framework/forum within the region for fair and efficient settlement of commercial, industrial, trade, banking and other relevant areas. Thusantha Wijemanna, Director General and Malik Imran Ahmed, Director, SARCO gave presentations at the event.

Former Chief Justice Latifur Rahman, Former Chief Justice Tafazzul Islam, Former Justice, Awlad Ali, Former Justice Syed Amirul Islam, Former Justice Abdus Salam Mamun, Former Attorney General A.F. Hassan Ariff, lawyers and business leaders were also present at the event and participated in the deliberations.