Bangladesh is not lagging behind any more in the current age of global movement towards the modernization of international arbitration law. She has recently enacted a new arbitration law, known as ‘The Arbitration Act, 2001.’ The Act came into force on 10 April 2001. The Act has repealed The Arbitration (Protocol and Convention) Act, 1937 and The Arbitration Act, 1940 —legacies of the British Raj in India. Such a legislative step was urgent in the face of increasing foreign investment in Bangladesh in various sectors, especially in natural gas and power, and her ever growing export trade with the rest of the world. The new Act, principally based on the UNCITRAL Model Law on International Commercial Arbitration (1985), consolidates the law relating to both domestic and international commercial arbitration. The new Act thus creates a single and unified legal regime for arbitration in Bangladesh which has also been the trend in recent years elsewhere. The modernization of law relating to international commercial arbitration in Bangladesh by the 2001 Act gives her a facelift as an attractive place for dispute resolution in the field of international trade, commerce and investment. The main purpose of this paper is to highlight certain important aspects in which the new Bangladesh Act deviates from the Model Law.
|Number of pages||38|
|Journal||Mealey’s International Arbitration Report|
|Publication status||Published - 4 Mar 2004|