Discussion on Emerging Market for International Arbitration and CPEC at No.5 Chambers
China-Pakistan Economic Corridor (CPEC) is a mega initiative with a growing investment outlay projected to be over US$100 billion which includes development of Gwadar (Port and City, development of Energy projects (Coal, Hydel, Wind, Solar, LNG, Transmission Lines), Transport Infrastructure projects (Road, Railways, Aviation) and Investment & Industrial Cooperation (Gwadar Free Trade Zone, other Special Economic Zones and industrial parks).
Chartered Institute of Arbitrators Pakistan Branch co-organized the Conference on ‘Pakistan as an emerging market for International Arbitration after the development of China-Pakistan Economic Corridor (CPEC)’ alongside No5 Barristers’ Chambers and MK Consultus LLP at No5 Barristers’ Chambers, Birmingham.
The Conference was attended by judges, lawyers and other members of the legal fraternity from Pakistan and the UK. Attendees reviewed several options of dispute resolution mechanisms available for CPEC and similar mega infrastructure projects.
The speakers at the conference included the Honourable Mr. Justice Shahid Jamil Khan, the Honorable Judge Supreme Court Mr. Justice Jawad Hassan, Mohammed Zaman QC, Mian Sheraz Javaid, Syed Mustafa Mahdi, Hammad Gillani Nauseen Ahmed, Wasif Majeed, Faisal Khan, Nasir Khan MBE, Syed Asid Ali Burney, and Fatima Malik.
Speakers highlighted that the dispute resolution clauses in the free trade agreement (FTA) and bilateral investment treaties (BIT) between China and Pakistan and the system of resolving disputes by CPEC clauses present an opportunity for international arbitration practitioners to get involved.
Keeping in mind the multifarious advantages that come along CPEC, Mian Sheraz discussed how CPEC may ripen Pakistan’s market for international arbitration and foreign opportunities for investment. In particular, he discussed the benefits of Economic Zones like CPEC in paving the way for dispute resolution domestically and internationally. He said the corridor program when carried out effectively, would help in attaining a favorable result of corresponding inclusive development with commercial and societal coherence, and to maximize the far reaching benefits from CPEC.
This Conference was one in a series of events arranged by MKC Partners, Mian Sheraz Javaid and Nasir Khan MBE in their commitment towards reform in alternative dispute resolution mechanisms in Pakistan within the traditional court system in Pakistan. It presented a wonderful opportunity for International Arbitration Practitioners to exchange insights on different avenues of growth in out-of-court settlement mechanisms.
