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International Arbitration Bill Submissions Hearing Next Week

The Standing Committee on Justice, Law and Human Rights will be hearing submissions on the International Arbitration Bill 2017 next week. International Arbitration is between companies or individuals in different
20 Jul 2017 09:39
International Arbitration Bill Submissions Hearing Next Week
Standing Committe on Justice, Law and Human Rights chair Ashneel Sudhakar (left), with Solicitor General Sharvada Sharma outside Parliament in Suva on July 14, 2017. Photo: Arieta Vakasukawaqa

The Standing Committee on Justice, Law and Human Rights will be hearing submissions on the International Arbitration Bill 2017 next week.

International Arbitration is between companies or individuals in different states, usually by including a provision for future disputes in a contract, according to Wikipedia.

The predominant system of rules is the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 (the “New York Convention”).

If Parliament passes the Bill, Fiji will ratify the International Arbitration agreement.

The International Centre for the Settlement of Investment Disputes (ICSID) also handles arbitration, but it is particularly focused on investor-state dispute settlement and hears relatively few cases.

The New York Convention was drafted under the auspices of the United Nations and has been ratified by more than 150 countries, including most major countries involved in significant international trade and economic transactions.

The New York Convention requires the states that have ratified it to recognise and enforce international arbitration agreements and foreign arbitral awards issued in other contracting states, subject to certain limited exceptions.

These provisions of the New York Convention, together with the large number of contracting states, have created an international legal regime that significantly favours the enforcement of international arbitration agreements and awards.

Standing Committee chair, Ashneel Sudhakar said after the submissions the committee was then expected to provide a report on the Bill before Parliament in September.

Mr Sudhakar said they were also tasked to hear submissions on the Personal Property Security Bill 2017. The committee is inviting members of the public and key stakeholders wishing to express their views on the Bill.

“The Bill is put to use than we will scrutinise it before reporting it back to Parliament, we are asking the public to come and make submissions,” Mr Sudhakar said.

He added that there were people who had negative perspectives of the Bill which shouldn’t scare people who wished to express their views on the Bills.

Mr Sudhakar said that five other Bills were still pending before the Committee.

Edited by Karalaini Waqanidrola

Feedback: arieta.vakasukawaqa@fijisun.com.fj



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