Position of Bangladesh in International Commercial Arbitration: An Analysis

Abstract

Arbitration has become an essential component for guaranteeing effective dispute resolution in international trade and commerce. The business community places trust in the arbitral process so that the whole trade system can be expanded in spite of the challenges across the borders. In fulfillment of the international community with the New York Convention and UNCITRAL Bangladesh has enacted legislation on arbitration law namely The Arbitration Act, 2001. With this Act, Bangladesh has kept peace with the recent trends in the field of international commercial arbitration with the rest of the world. The new Act is based on the UNCITRAL Model Law on International Commercial Arbitration, (1985) and consolidates the laws relating to both national and international commercial arbitration. The new Act creates an integrated legal regime for arbitration in Bangladesh which has also been a trend in recent times elsewhere. Bangladesh has enacted its arbitration laws along the outlines of the UNCITRAL Model Law. The enactment of law relating to international commercial arbitration in Bangladesh by the Arbitration Act, 2001 gives Bangladesh a modernization as a safe place for dispute resolution in the field of international trade, commerce, and investment.