Federal Finance Minister Muhammad Aurangzeb highlighted the importance of restructuring arbitration laws in Pakistan during a seminar at the Federal Judicial Academy.
He noted that the absence of proper arbitration laws has led international companies to resort to litigation in courts, impeding the country’s progress.
However, he expressed optimism about the potential of the Arbitration Act 2024 to address this issue, emphasizing that it will facilitate the resolution of disputes within Pakistan.
Aurangzeb suggested directing money cases to be directly heard in the Supreme Court to streamline the legal process and ensure swift justice.
He also pledged support to the Attorney General wherever needed. Attorney General for Pakistan Mansoor Usman Awan stressed the crucial role of creating a safe business environment for economic development and urged swift action on the Arbitration Act bill to become law, suggesting that it could serve as a model.
