International Commercial Arbitration in South Asia: A Comparative Study

Abstract

The significance of the study of commercial arbitration especially international commercial arbitration lies in the fact that, in the contemporary world of changing dimensions it has become a sophisticated mechanism for consensually dealing with international disputes. International commercial arbitration being a consensual means of dispute resolution, it has the binding effect only by virtue of complex framework of national and international law including the national arbitration laws, international conventions and institutional arbitrations. This legal arena enhances the enforceability of both arbitration agreements and arbitral awards. It seeks to insulate the arbitral process from undue interference from the national courts. In the recent past and especially in the last two decades, there has been a tremendous explosion in the number of cases being settled through arbitration and similar mechanisms in Asia. At the same time such an attempt is threatened by the lack of effective legal framework in some of these countries, which might affect the economic and commercial growth and investment in them. In this context this study makes a comparative analysis of the international commercial arbitration laws of selected South Asian countries like, India, Bangladesh, Pakistan, Nepal and Sri Lanka. The main focus of this study is identifying various problem areas in the commercial arbitration law in those South Asia countries so that suitable changes and improvements may be suggested.

Keywords: International Commercial Arbitration, South Asia, India, Bangladesh, Pakistan, Nepal, Sri Lanka, ADR, Arbitration

JEL Classification: K49