Bangladesh International Arbitration Centre signs MOU with Sri Lanka National Arbitration Centre

In a momentous occasion for international dispute resolution, the Bangladesh International Arbitration Centre (BIAC) and the Sri Lanka National Arbitration Centre (SLNAC) have strengthened their collaboration through the signing of a Memorandum of Understanding (MoU). 

BIAC Vice Chairman Muhammad A. (Rumee) Ali and SLNAC Chief Executive Seedantha Kulatilake signed the MoU on behalf of their respective organisations at the BIAC office in Dhaka, Bangladesh on 22 April 2024. 

This collaborative endeavour holds the promise of enhancing trade and investment relations between Bangladesh and Sri Lanka by facilitating the exchange of vital information and organising joint activities to raise awareness of Alternative Dispute Resolution (ADR) among businesses. Moreover, it includes the utilisation of each other’s infrastructure facilities to conduct arbitrations, mediations, and conciliation proceedings, thereby optimising resources and enhancing efficiency in resolving disputes. 

Expressing his gratitude, Sri Lanka National Arbitration Centre Chairman Hiran de Alwis commended BIAC for its proactive approach in initiating the MoU and helping both countries to work together for the promotion of ADR mechanisms as a means for peaceful, cost effective and expeditious settlement of international trade and investment disputes. 

The presence of BIAC Chairman and International Chamber of Commerce – Bangladesh President Mahbubur Rahman underscored the importance of the occasion. He along with BIAC Vice Chairman detailed the existing scenario of ADR and BIAC’s pivotal role in establishing best practices in institutional arbitration within Bangladesh and across South Asia. 

Established in 1985, Sri Lanka National Arbitration Centre stands as a pioneering institution in administering arbitrations for the resolution of commercial disputes in the country. Among the dignitaries from SLNAC present at the signing ceremony were Board Member Priyantha Gamage and SLNAC Coordinator Johann Atapattu. Representing BIAC were Senior Counsel Priyanka Roy and Assistant Counsel Moyee Mina Haque. 

The signing of this MoU marks the beginning of a new chapter in the bilateral relations between Bangladesh and Sri Lanka, underlining the shared commitment towards promoting peace and prosperity through effective dispute resolution mechanisms. 

During their visit to Bangladesh, the four-member delegation led by SLNAC Chairman Hiran De Alwis had fruitful discussions with leading institutions and chambers in Bangladesh, which were facilitated by the High Commission of Sri Lanka in Bangladesh.

Discussions were held with the Bangladesh International Arbitration Centre (BIAC), the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), the Dhaka Chamber of Commerce and Industry (DCCI), the Foreign Investors’ Chamber of Commerce and Industry (FICCI), the Bangladesh Investment Development Authority (BIDA), and the Sri Lanka Bangladesh Chamber of Commerce and Industry (SLBCCI), which represents the interests of Sri Lankan businesses/professionals in Bangladesh.

During the discussions, the delegation explained to their Bangladeshi counterparts the importance of using Colombo for Commercial Arbitration, the services which SLNAC can offer, the global recognition of the services provided by SLNAC, the cost and time advantages of the services provided by SLNAC compared to those in Singapore and London, the possibility of SLNAC to offer training on arbitration and the way forward. The Bangladeshi counterparts showed a high interest in the services offered by SLNAC and pledged their cooperation to SLNAC for further promotion.