Nepal will participate
in the SAARC Arbitration Council meeting to be held in Islamabad, Pakistan, on
November 21-22.
Representatives from
seven members of SAARC including Pakistan, India, Sri Lanka, Bangladesh,
Bhutan, Nepal and Maldives will attend the meeting that will discuss ways and
means to promote growth and effective functioning of national arbitration
institutions within the region.
The main objective of
the forum is to create conditions conducive to fostering greater investment by
investors of one member country in another member state, and provide a legal
framework within the region for fair and efficient settlement through
conciliation and arbitration of commercial, investment and other such disputes
as may be referred to the council by agreement.
The SAARC Arbitration
Council was aimed at creating conditions conducive to fostering greater
investment in the region as a forum for settlement of commercial, investment
and other disputes by conciliation and arbitration by providing fair,
inexpensive and expeditious arbitration in the region.
The seven members of
SAARC — Pakistan, India, Sri Lanka, Bangladesh, Bhutan, Nepal and Maldives —
had signed the Agreement for Establishment of SAARC Arbitration Council at the
13th SAARC Summit held in Dhaka in 2005.
According to it, all the
members of SAARC will arrange rectification of the agreement from their federal
cabinets in the first phase, and then the SAARC secretariat will announce the
enforcement of the agreement by issuing a notification.
The SAARC Arbitration
Council will be headed by a director general, who shall be from a SAARC state
and will be appointed on the principle of alphabetical rotation among the SAARC
member states commencing from the member state hosting the council.
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