Experts on Saturday said that effective steps towards alternative dispute resolution were needed to make Bangladesh an investment-oriented country.
They said that Bangladesh could reduce high legal costs and speed up trade relations across South Asia by implementing a stronger alternative dispute resolution framework.
They made the remarks at a seminar titled 鈥楨levating Bangladesh鈥檚 trade and commerce: ADR鈥檚 role in navigating disputes and strengthening SAARC partnerships鈥�, jointly organised by the Bangladesh International Arbitration Centre and the SAARC Arbitration Council at a hotel in the capital Dhaka on the day.
BIAC vice-president Muhammad A (Rumee) Ali said that the economic landscape in Bangladesh was evolving at a remarkable pace and more economic activity in the country meant more trade, and more trade meant more contracts.
鈥楳ore contracts might bring more disputes. The ADR could be a critical tool to ensure that these issues are managed swiftly and equitably,鈥� he said.
Saquib Mangrio, assistant director (law) of SARCO, said that Bangladesh, with its rapidly growing economy and expanding international trade ties, stood at a pivotal moment where a strong ADR framework could provide significant advantages in the global marketplace.
In the keynote speech, Supreme Court justice Ahmed Sohel said that SARCO鈥檚 expertise and regional resources provided an essential boost in developing ADR standards for Bangladesh that were culturally and economically relevant to South Asian economies.
SARCO鈥檚 role in the region aligns well with Bangladesh鈥檚 trade goals, especially as the country seeks to attract more foreign investment by ensuring quicker, predictable dispute resolutions, he said.
While ADR practices like arbitration and mediation are widely used internationally to save time and legal expenses, arbitration within Bangladesh has struggled due to limitations in the current legal system, Sohel said.
He suggested necessary reforms to make arbitration an efficient alternative.
Internationally, Bangladesh benefits from being a party to the New York Convention on arbitration, a United Nations treaty that allows arbitration awards to be recognised and enforced across member countries.
SARCO director general Choining Dorji, among others, was present in the seminar.