The Chief Justice of Pakistan has established the Arbitration Law Review Committee (ALRC) to restructure the antiquated Arbitration Act of 1940 due to numerous complexity and related difficulties. This is a key step toward bringing Pakistan’s arbitration system into compliance with international norms.
The Law and Justice Commission of Pakistan (LJCP), the Board of Investment, the Ministry of Law and Justice, and eminent academic and professional arbitrators were among the participants in the ALRC, which was presided over by Justice Syed Mansoor Ali Shah of the Supreme Court.
The Committee finally concluded its work on the proposed Arbitration LAW, 2024, which is a significant step in updating Pakistan’s arbitration laws. In order to minimize uncertainties and promote alternative dispute resolution mechanisms, this bill seeks to streamline procedures, decrease court interference, and improve enforcement measures.
The Bill’s provisions have received the Federal Cabinet’s approval in principle, and the provinces will now be consulted in order for the bill to become an Act of Parliament.
It is anticipated that this historic reform will greatly improve Pakistan’s arbitration laws, creating a more welcoming atmosphere for both domestic and foreign business.
The proposed Arbitration Bill, 2024, seeks to promote investor confidence, lessen the possibility of drawn-out legal disputes, and assist economic growth by establishing an effective and dependable dispute settlement mechanism in line with global best practices.
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