ISLAMABAD: The Trade Dispute Resolution Organisation (TDRO) gave a detailed presentation on the draft law of Trade Dispute Settlement Act which envisaged formation of a Trade Dispute Resolution Commission (TDRC) that would work under the administrative control of Ministry of Commerce with same powers as vested in a Civil Court for swift and effective resolution of disputes relating to the export and import of goods and services including import and export through e-commerce.
Speaking at the occasion, TDRO Executive Director General Sajjad Hussain said that the purpose of drafting a law on trade dispute settlement was to provide for the establishment of a comprehensive regime in Pakistan for the swift and effective resolution of trade disputes. He said making such law was of paramount importance for the better promotion of trade in Pakistan, protection of all trading interests and improvement of Pakistan’s standing internationally.
He said the law would help in the efficient and effective resolution of international trade disputes through negotiations, mediation, arbitration, determinations, alternative dispute resolution mechanisms and referral of disputes to commercial benches that would be set up under the proposed commission.
He said foreign parties would be given video conferencing facility to participate in trade dispute process. He added that efforts were being made to make arrangements for acceptance of TDRC decisions in foreign countries, however, non-compliant foreign companies would be blacklisted in Pakistan. He further said TDRC would also help chambers of commerce in their capacity building and training regarding mediation and arbitration of trade disputes. He asked the business community to give their proposals for further improving the draft law. Director General Kausar Ali Zaidi, Director Laiq Daraz Khan, Director Irshad Ahmed and TRDO Consultant Mazhar Bangash were also present at the occasion.
