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Bangladesh International Arbitration Centre opens
Practical Law Legal Update 1-505-6703 (Approx. 2 pages)
Bangladesh International Arbitration Centre opens
by PLC Arbitration
| Published on 12 Apr 2011 • Bangladesh, International |
On 9 April 2011, the Bangladesh International Arbitration Centre launched, becoming the country's first arbitration centre for the settlement of commercial disputes.
The Bangladesh International Arbitration Centre (BIAC) has opened at the initiative of the International Chamber of Commerce, Bangladesh (ICC-B) in partnership with the Dhaka Chamber of Commerce and Industry (DCCI) and the Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka. The BIAC has become Bangladesh's first arbitration centre for the settlement of commercial disputes.
The aim of the BIAC is to:
- Bring more transparency and reliability to the arbitration process.
- Provide a more cost-effective, quick and efficient solution for companies.
- Encourage arbitration of disputes in Bangladesh and promote the use of the BIAC for international arbitration.