The Ministry of Law and Justice and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) signed a memorandum of understanding to strengthen mediation and conciliation mechanisms through the International Mediation and Arbitration Council (IMAC). The agreement commits both parties to set up conciliation and arbitration councils to resolve business disputes, promote alternative dispute resolution (ADR) within the private sector, and create a more business\u2011friendly environment to support economic growth.<\/p>\n
The MoU was signed at a ceremony attended by Federal Minister for Law and Justice Azam Nazir Tarar, FPCCI President Atif Ikram Sheikh, IMAC Project Director Ayesha Rasool and other officials. The signing itself was carried out by FPCCI President Atif Ikram Sheikh and Ayesha Rasool on behalf of IMAC. Under the agreement, the ministry and FPCCI will cooperate to strengthen the institutional framework of the mediation and conciliation council system and to introduce ADR councils specifically aimed at resolving disputes within the business community.<\/p>\n
Atif Ikram Sheikh described the MoU as a significant step in advancing conciliation and arbitration systems between the federation and the private sector. He said the partners will work together to expand alternative mechanisms for dispute resolution in business, and that the initiative will help foster a more conducive environment for economic activity and investment.<\/p>\n
Federal Minister Azam Nazir Tarar emphasized the link between trade, a strong economy and national development. He warned that excessive reliance on court litigation drains business owners\u2019 time and resources, diminishing their ability to generate foreign exchange. Tarar noted that IMAC had been established last year and highlighted that 600 domestic mediation and conciliation councils have already been certified. He stressed the crucial role of the business community in achieving economic self\u2011reliance and pointed to the large backlog of cases\u2014about 2.4 million\u2014pending in courts, underscoring why many countries prefer alternative dispute resolution mechanisms.<\/p>\n
The agreement aims to institutionalize ADR for the business sector by creating conciliation and arbitration councils that can handle commercial disputes more efficiently than traditional litigation. Officials said the cooperation between the ministry and FPCCI should accelerate adoption of ADR practices, reduce court burdens, and support broader economic and trade objectives.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Ministry of Law and Justice and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) signed a memorandum of understanding to strengthen mediation and conciliation mechanisms through the International Mediation and Arbitration Council (IMAC). The agreement commits both parties to set up conciliation and arbitration councils to resolve business disputes, promote alternative dispute …<\/p>\n","protected":false},"author":7,"featured_media":10701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[94],"tags":[],"class_list":["post-10700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistan"],"_links":{"self":[{"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/posts\/10700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/comments?post=10700"}],"version-history":[{"count":1,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/posts\/10700\/revisions"}],"predecessor-version":[{"id":10702,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/posts\/10700\/revisions\/10702"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/media\/10701"}],"wp:attachment":[{"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/media?parent=10700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/categories?post=10700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.peakpoint.pk\/en\/wp-json\/wp\/v2\/tags?post=10700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}