In a significant development for international dispute resolution, the Bangladesh International Arbitration Centre (BIAC) and the Sri Lanka National Arbitration Centre (SLNAC) have strengthened their collaboration by signing a Memorandum of Understanding (MoU). The MoU, signed by BIAC Vice Chairman Muhammad A. (Rumee) Ali and SLNAC Chief Executive Seedantha Kulatilake, marks a step towards enhancing trade and investment relations between Bangladesh and Sri Lanka. It aims to facilitate the exchange of vital information, organize joint activities to raise awareness of Alternative Dispute Resolution (ADR) among businesses, and utilize each other’s infrastructure facilities for arbitrations, mediations, and conciliation proceedings.
The signing ceremony, held at the BIAC office in Dhaka, Bangladesh on 22 April 2024, was attended by key dignitaries from both organizations. Sri Lanka National Arbitration Centre Chairman Hiran de Alwis expressed gratitude for BIAC’s proactive approach in initiating the MoU, emphasizing the benefits of ADR mechanisms for peaceful and efficient dispute resolution in international trade and investment contexts.
BIAC Chairman and International Chamber of Commerce – Bangladesh President Mahbubur Rahman highlighted BIAC’s role in establishing best practices in institutional arbitration, reinforcing the significance of the collaboration. The signing of the MoU is seen as a pivotal moment in fostering peaceful relations and promoting effective dispute resolution mechanisms between Bangladesh and Sri Lanka.
During their visit to Bangladesh, the SLNAC delegation, led by Chairman Hiran De Alwis, engaged in fruitful discussions with leading institutions and chambers, facilitated by the High Commission of Sri Lanka in Bangladesh. These discussions focused on showcasing SLNAC’s services, emphasizing its global recognition, cost advantages, and potential for offering training on arbitration. Bangladeshi counterparts expressed keen interest in SLNAC’s offerings, pledging cooperation for further promotion and collaboration.
