Pakistan has potential to become international arbitration hub: LHC judge
ISLAMABAD: Pakistan is well-positioned to emerge as a preferred seat of international arbitration because of substantial cost benefits and prevailing geopolitical goodwill, said Justice Jawad Hassan of the Lahore High Court’s Rawalpindi bench. “Pakistan is making good progress on infrastructure and laws on arbitration and mediation as there is a large demand for commercial arbitration and…
Pakistan possesses significant potential to become an international arbitration hub, according to Justice Jawad Hassan of the Lahore High Court’s Rawalpindi bench. Speaking at a seminar titled "Can Pakistan Become a Seat of International Dispute Resolution?", Hassan highlighted the country's cost advantages and growing geopolitical goodwill.
Economic development and infrastructure improvements, coupled with a surge in arbitration and mediation proceedings, have positioned Pakistan favorably. Participants at the seminar acknowledged Pakistan's potential while emphasizing that achieving this vision would necessitate ongoing legal and institutional reforms over the next decade.
The panel underscored that Pakistan's trade and investment growth, particularly through the China-Pakistan Economic Corridor (CPEC), has led most commercial disputes to be adjudicated abroad, resulting in considerable costs for parties involved. Notably, arbitration typically incurs costs exceeding two to three million pounds or dollars.
Pakistan's emergence as a mediator, exemplified by its hosting of US-Iran talks in Islamabad, has bolstered its credibility in commercial dispute resolution. Existing legal frameworks supportive of arbitration enforcement and a rapidly growing pool of arbitrators further reinforce Pakistan's capability to become a leading arbitration hub.
Written by urgent.news from Dawn - Pakistan's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
