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| Sunday, 7 April 2002 |
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Rules to settle trade disputes within SAARC region The SAARC Chamber of Commerce and Industry (SCCI) has formulated a set of arbitration rules to settle trade disputes in SAARC countries. This had been one of the important issues dealt with at the Annual General Meeting of the SCCI in Nepal recently. President Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) and Senior Vice President SCCI Macky Hashim said: "Usually, to settle trade disputes, the countries in the region have to seek the arbitration services in London, Paris and Singapore which is a costly affair. We have formulated our own arbitration rules to settle disputes within our region. We will present this set of rules for the approval of the seven countries in the near future." "This was one of the important decisions made at the AGM with regard to the promotion of trade opportunities among the seven nations. The movement of goods and people within the region, free trade agreements promoting tourism in the region and increasing investment opportunities among SAARC countries were also discussed," he said. FCCISL Senior Vice President Nihal Abeysekera and Vice President Nawaz Rajabdeen also took part in the meetings. FCCISL is the primary member of the SCCI representing Sri Lanka. Hashim, a former vice president of the SAARC Chamber, was appointed its Senior Vice President at this meeting. |
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