National Assembly's Standing Committee on Foreign Affairs on Wednesday discussed the Recognition and Enforcement (Arbitration Agreements and Foreign Arbitral Awards) Bill, 2005 (Ordinance No VIII of 2005) and suggested some amendments, and recommended to pass the Bill with majority.
The meeting was held under the chairmanship of MNA Dr Muhammad Farooq Sattar in the Parliament House. The meeting was informed that in the wake of recommendations of 1958 UN Convention, the said ordinance has devised a mechanism to facilitate the foreign investors and protect their interests in executing and enforcing the agreements between two countries through foreign Arbitral Award, which shall be binding for all purposes on the persons as between whom it was made.
The committee was further informed that prior to the promulgation of the said ordinance there was no provision in the law to sort out the dispute arising out of agreements by way of arbitration.
The committee recommended that the high courts might be vested with the power to adjudicate the matter whereas the civil court might be barred to entertain the cases related to Foreign Arbitral Award and agreement for its enforcement and execution.
The committee considered Clause (4) Sub-Clause (2) and suggested certain amendments and added further Sub-Clause (3) to make this law viable and workable for the efficacious remedy.
The committee also made certain amendments in Clause (8) of this Bill. The committee recommended passing the Bill with majority.
The committee recommended the subsequent Bill namely the Recognition and Enforcement (Arbitration Agreements and Foreign Arbitral Awards) Bill, 2005 treated as to be withdrawn.
Members of the committee Mir Zafarullah Khan Jamali, Maulana Muhammad Khan Sherani, Sherry Rehman, Dr Donya Aziz, Sher Akbar Khan, Farzeen Ahmed Sarfraz, Malik Zaheer Abbas Khokhar and Chaudhry Aitzaz Ahsan attended the meeting.
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