FPCCI President Atif Ikram Sheikh has welcomed the Law and Justice Commission’s recommendation for the establishment of an International Commercial Court, describing it as a welcome and historic development.
He said the proposed court would be established for the swift and effective resolution of international commercial disputes, which was essential for secure investment. The establishment of the commercial court would also help strengthen the effective enforcement of arbitration awards, he added.
Atif Ikram Sheikh said the International Commercial Court would promote uniformity and predictability in commercial laws. He said it would also increase investor confidence, which was necessary for attracting global investment to Pakistan.
The FPCCI president stressed that Pakistan’s commercial justice system needed to be aligned with global traditions and practices. He said the resolution of commercial disputes according to international standards was the only way to provide protection to capital.
He said timely implementation of contracts was a basic requirement of international investors, and called for the early completion of the constitutional amendment and related legislation.
Atif Ikram Sheikh said the FPCCI fully supported judicial reforms and investment-friendly measures. He added that an effective commercial judicial system was indispensable for making Pakistan a regional trade and investment hub.
