New Delhi: The SAARC countries can collectively work towards making the region a hub for international commercial arbitration, an Indian official said here on Saturday. Speaking at a seminar organized by Federation of Indian Chambers of Commerce and Industry (FICCI) in association with Indian Council of Arbitration (ICA) and SAARC Arbitration Council (SARCO), Suresh Chandra, joint secretary, law and justice, also noted that institutionalizing of arbitration in SAARC is the key instrument to make arbitration a success story.
He emphasized that stability, certainty and predictability of the arbitration system in this region can be introduced through adoption of best practices in the world. L. Savithri, director at the SAARC secretariat in Kathmandu, said that as the SAARC region fast tracks movement towards South Asian Economic Union, free trade area in both goods and services will be the first building block. Arbitration is the best dispute resolution mechanism for businesses of the SAARC region since majority of the countries are members of the New York Convention, 1958, and hence there is easy enforce ability of awards, said advisory and FICCI’s assistant secretary general Arun Chawla.
This is done to promote greater peace and security
It will be apparently beneficial for both the nations
Nepal and Pakistan on Tuesday agreed to revitalise the Saarc process for “greater peace, security and prosperity in the region” during talks that visiting Pakistan Prime Minister Shahid Khaqan Abbasi held with the Himalayan nation’s leadership.
Abbasi on Tuesday met Nepal President Bidya Devi Bhandari and addressed a programme at the Saarc Secretariat here. He also held a meeting with CPN (Maoist Centre) Chairman Pushpa Kamal Dahal “Prachanda” in the morning.
Bhandari and Abbasi hoped to reinvigorate the South Asian Association for Regional Cooperation (Saarc) as an important regional organisation. The Pakistani leader said that “issues of the countries in the region should not affect the activities of Saarc and its performance”.
He emphasised the need to make Saarc “more effective” in the days ahead. Both sides agreed to enhance cooperation in all areas of mutual importance, including political, economic, defence and cultural fields.
On Monday evening, Abbasi met his Nepali counterpart K.P. Sharma Oli and both decided to revitalise the stalled Saarc process.
The Pakistani leader sought to host the 19th Saarc Summit of the regional grouping and asked Nepal to create a “favourable environment” for the same. The summit has been postponed since 2016 after a military attack on an Indian Army base in Uri in Jammu and Kashmir.
After the attack, India unilaterally suspended its participation from the summit. Several member states rallied behind India’s position.
Nepal is the current chair of the regional grouping. Oli’s chief political advisor Bishnu Rimal said “both leaders held a common view on taking the Saarc forum ahead as it was a common platform for all member countries and still significant”.
Addressing a function at the Saarc Secretariat in Kathmandu, Abbasi said peace, security and mutual friendship were essential for the prosperity of South Asia.
“Pakistan has undivided belief in the Saarc objectives, ideologies and principles,” he said, adding that Islamabad was fully committed to the Saarc charter.
Abbasi also announced doubling the scholarships provided to Nepal by the Pakistan government and proposed to set up a joint parliamentary panel between Kathmandu and Islamabad. IANS