SL to seek bigger role in int’l arbitration

Tuesday, 10 March 2020 01:51 - - {{hitsCtrl.values.hits}}

Cabinet nod to promote SL International Arbitration Centre to make SL zonal hub
Govt. institutions encouraged to include clause in future agreements stating arbitration to take place at local centre

Government institutions that enter agreements in the future should include a clause stating that in case of arbitration, it should be undertaken at the Sri Lanka International Arbitration Centre (SLNAC), Cabinet has decided.

This is part of the Government plan to extend and strengthen the operations of the SLIAC which was established in 2015 to enable local and international companies to resolve their commercial disputes by arbitration as well as to position Sri Lanka as an international arbitration hub in the region.

The Centre was incorporated as the Sri Lanka International Arbitration Centre (Guarantee) Ltd. in 2016.

The Cabinet proposal to enable to the centre to run independently was presented by Justice, Human Rights and Legal Reforms Minister Nimal Siripala De Silva.

The Minister informed Cabinet that some countries earn a considerable income from functioning as international arbitration centres and Sri Lanka too should place itself in the market by encouraging arbitration matters in the commercial activities between the countries within the zone.