Regional Arbitration Center necessary for enhancing Trade and Investment among ECO Countries: Khurram Sayeed

Karachi, December 03, 2014 (PPI-OT): Regional Arbitration Center is necessary for enhancing trade among the ECO Countries. This was stated by Acting President, FPCCI Khurram Sayeed while addressing the workshop on Commercial Arbitration in the ECO region held at the Iran Chamber of Commerce, Industries, Mines and Agriculture in Tehran.

The Workshop was highly attended by the ECO members of Pakistan, Turkey, Iran, Azerbaijan and Afghanistan and was inaugurated by Gholam Hossein Shafei; President , Iran Chamber of Commerce , Industries, Mines and Agriculture , Mr. Shamil Aleskerov; Secretary General, Economic Cooperation Organization, (ECO) Secretariat – Tehran and Dr. Mohsen Mohebi; Secretary General, Arbitration Center of Iran Chamber (ACIC).

Mr. Sayeed highlighted the importance of Arbitration centers. He stated that investments among the ECO regions can be enhanced by having a Regional Arbitration Center in one of the ECO Countries. It is a highly important international legal instrument to enhance bilateral trade and investment.

He said that besides the most common arbitration centers in London, Paris and Geneva recent trend has shown the rise of regional arbitration centers; like the ones in Singapore and Malaysia. These have given impetus to trade and investment in those regions and having such arbitration center in ECO region will give confidence to businessmen and investors of ECO region.

These centers can play a major role in settlement of commercial disputes encompassing trade, investment, joint ventures and industrial activity. While there are individual arbitration centers already operating in Pakistan, Iran and Turkey establishment of a regional arbitration center will facilitate the business community of the ten ECO member countries.

The Workshop was also addressed by Miss. Corrine Montineri, Secretary of the UNCITRAL Working Group II on Arbitration, Dr. Sajad Soltan Zadeh, Department of Legal Affairs, Ministry of Foreign Affairs, Tehran, Miss. Elisabeth Tuerk, Chief, International Investment Agreements Section, UNCTAD Secretariat, Geneva and Mr. Benjamin Sino, Shearman and sterling, Paris among others.

For more information, contact:
M. A. Lodhi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi,
Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

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