In a momentous occasion for international dispute resolution, the Bangladesh International Arbitration Centre (BIAC) and the Sri Lanka National Arbitration Centre (SLNAC) have strengthened their collaboration through the signing of a Memorandum of Understanding (MoU).
Muhammad A. (Rumee) Ali, Vice Chairman of BIAC, and Seedantha Kulatilake, Chief Executive of SLNAC, signed the MoU on behalf of their respective organizations at the BIAC office in Dhaka, Bangladesh on Monday.
This collaborative endeavor holds the promise of enhancing trade and investment relations between Bangladesh and Sri Lanka by facilitating the exchange of vital information and organizing joint activities to raise awareness of Alternative Dispute Resolution (ADR) among businesses.
Moreover, it includes the utilization of each others’ infrastructure facilities to conduct arbitrations, mediations, and conciliation proceedings, thereby optimizing resources and enhancing efficiency in resolving disputes.
Expressing his gratitude, Hiran de Alwis, Chairman of Sri Lanka National Arbitration Centre, commended BIAC for its proactive approach in initiating the MoU and helping both countries to work together for the promotion of ADR mechanisms as a means for peaceful settlement of international trade and investment disputes.