Sri Lanka elected to UN Commission on International Trade Law

Tuesday, 24 December 2024 03:11 - - {{hitsCtrl.values.hits}}

Sri Lanka has been recently elected to the United Nations Commission on International Trade Law (UNCITRAL) by the United Nations General Assembly for a six-year term.

The UNCITRAL is the main legal body in the field of international trade and promotes harmonisation of trade and investment laws and other legislation such as arbitration.

“This is a significant development for the country in its quest to expand international trade, investments, and exports and facilitate dispute resolution mechanisms regionally and internationally. Accordingly, there would be enhanced opportunities for enhancing the Rule of Law, contractual, and arbitration laws based upon UNCITRAL Model Law and other legislation,” the Sri Lanka National Arbitration Centre (SLNAC) said.

The SLNAC is a pioneering institution promoting and recommending the UNCITRAL Arbitration Rules mechanism for the resolution of trade disputes. It has also embarked on an expedited arbitration rules mechanism based upon the UNCITRAL expedited rules.

Sri Lanka...

SLNAC Chairman Hiran de Alwis strongly advocates for the adoption of the UNCITRAL Arbitration Rules as a credible dispute resolution platform and the best mechanism for an amalgam of Common and Civil Law jurisdictions. The SLNAC, having adopted the UNCITRAL Arbitration Rules, is a facilitator of arbitrations in the region.

“With new legislation such as the Electronic Transactions Act, the Port City Commission Act, and other initiatives for cross border trade, this is also an opportune time for the country to adopt more robust mechanisms for promoting international trade, including an internationally recognised framework for dispute resolution,” the SLNAC added.

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