An agreement-exchange programme between Bangladesh International Arbitration Centre (BIAC) and the Netherlands-based Permanent Court of Arbitration (PCA) was held Wednesday to promote mutual assistance and the sharing of expertise.
Chief Executive Officer of BIAC Muhammad A (Rumee) Ali and Secretary General of PCA Hugo H Siblesz signed the agreement on behalf of their respective sides, the BIAC said in a statement.
Hugo H Siblesz had signed the agreement earlier and Ambassador of the Kingdom of the Netherlands to Bangladesh Leoni Margaretha Cuelenaere exchanged the agreement with BIAC's CEO on behalf of PCA at the function.
Former Chief Justice Md Tafazzul Islam and Former Judge of the High Court Division Justice Awlad Ali, who are the members of PCA Arbitrator Panel for dealing International Arbitration, participated in Cooperation Agreement exchange ceremony.
Mahbubur Rahman, Chairman of BIAC, was also present at the event.
Speaking at the function, Mr Rahman said the BIAC would be entirely financially independent within five years.
"More and more Bangladeshi corporations are coming to take the BIAC services and we hope BIAC will be on our own within next five years," he said.
Terming the agreement a great achievement, he said, "Gradually, we are making our own way towards the right direction," he said.
Ambassador Leoni Margaretha Cuelenaere said talking is the best way to resolve any disputes.
"This agreement will provide a framework for cooperation between the two institutions involved in the peaceful settlement of international disputes," she said.
This agreement will enable BIAC and PCA to hold hearings and meetings in the facilities among themselves as well as to receive assistance with the arrangement of local support services for ADR related issues. This Cooperation with PCA will be an international recognition for the BIAC.
Speaking at the programme, former Chief Justice Md Tafazzul Islam said the court is under pressure from the load of cases.
"Government has been taking many initiatives to come out from the situations," he said, expressing the hope that the agreement will help improve the situation.
Recently, PCA designated BIAC to act as an appointing authority on a PCA case under the UNCITRAL Arbitration Rules in a case involving an Irish and Bangladeshi Party.
The dispute is being resolved in five hearings within three months at BIAC. The Arbitration Tribunal has granted an award in October 2016.